The Basel contemporary art fair is defying expectations of a slowdown in the market and continuing to record million-dollar sales. During a day reserved for VIP clients, the Swiss gallery Hauser & Wirth sold a sculpture by Louise Bourgeois for $22.5 million. Despite concerns about the economy and financial markets, the fair has closed several sales in excess of $1 million during the first few days. Basel has become the epicenter of the contemporary art market, with 284 galleries and more than 4,000 artists represented.
Solid sales at the fair defy predictions of a slowdown. Marc Glimcher, director of Pace Gallery in New York, reported that he had already sold Jeff Koons sculptures for $3 million each. Other participants have also recorded solid sales, both from regular clients and new buyers.
Although the value of the art market saw a modest 3% growth in 2022, reaching $67.8 billion, optimistic forecasts at the start of the year were affected by economic and political instability. However, the Basel fair has exceeded expectations and performed better than expected.
Although the fair provides insight into the art market, no conclusions can be drawn for the rest of the year. Basel is an iconic fair that attracts collectors even in times of economic hardship.
In summary, the Basel contemporary art fair continues to defy forecasts of a slowdown in the market. Solid million-dollar sales during the first days of the fair indicate a healthy art market, with wealthy collectors fighting for the best pieces. Although economic and political conditions created uncertainty, the fair has exceeded expectations and recorded a steady flow of buyers. However, it is important to keep in mind that the fair represents a small sample and cannot be generalized for the rest of the year. Basel remains an outstanding destination for art collectors, even in times of economic hardship.