Art dealers, collectors, and gallery owners from around the globe concluded several multi-million dollar transactions at the annual Art Basel fair in Switzerland this week, demonstrating robust trade despite a slowdown in the global art market. The fair, often seen as an indicator of global art demand, witnessed significant deals such as the $20-million sale of a painting by 20th-century American artist Joan Mitchell on the opening day and the $16-million sale of a drawing by abstract expressionist Arshile Gorky.
The global art market saw a 4% decline to $65 billion last year, according to the 2024 UBS Global Art Market Report, with the value of sales in the latest New York auction season dropping more than 20%. Amid this backdrop, Art Basel’s organizers expressed relief at the fair’s strong sales performance, which brought optimism to gallery owners. Noah Horowitz, chief executive of Art Basel, noted that while buyers are more sensitive to pricing compared to the boom years, quality and ambitious art continue to find buyers. “There’s an exhale collectively for many in the halls about where the market is,” Horowitz said, cautioning against making predictions given the current economic and geopolitical uncertainties.
Many gallery owners reported sales exceeding their expectations. Isabella Kairis Icoz, a partner at Lehmann Maupin, which has galleries in New York, Seoul, London, and Milan, shared that they sold 15 works to collectors and museums on the first day alone. “I came in slightly cautious … but Basel has been a true testament to its resilience,” Icoz said, highlighting strong interest from European private collectors.
James Koch, a partner at the Hauser & Wirth gallery, noted a trend of informed and younger European collectors making purchases. “Not only the ones with the larger budgets but also people starting to collect,” Koch observed, indicating a broadening base of art buyers.
Clare McAndrew, author of the Art Market Report, pointed out that during times of global economic and political uncertainty, the art market tends to show two responses: buyers either hold back, as seen last year, or they seek out safe investments, which may be the trend this year. This year’s fair suggests the latter, with buyers gravitating towards established and secure works.
Art Basel’s results indicate a resilient market with cautious optimism, driven by high-quality, ambitious art continuing to attract buyers even amid broader economic challenges. As the fair closes, the robust sales figures provide a reassuring signal of the enduring appeal and investment value of fine art.
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