Sombre Tones at Art Basel Amid Global Market Slump
Art Basel, the world's biggest art fair, reflects a global art market slump and subdued mood. Participants report a shift towards less expensive art as high-value sales decline sharply. The show includes over 4,000 artists, although top-end sales remain limited, with significant gaps in American participation.
This week, Switzerland hosts the world's biggest art fair, Art Basel, as participating galleries adapt to global crises and a downturn in the art market. Historically a health gauge for art sales globally, Art Basel has been a staple since 1970.
Featuring over 4,000 artists, the fair includes significant works like a Pablo Picasso piece valued at over $30 million. According to UBS, global art sales saw a 12% decline last year, with the high-end sector, defined by pieces selling for over $10 million, experiencing a 39% drop.
Vincenzo de Bellis, Art Basel's Chief Artistic Officer, noted the shift in gallery offerings to more affordable price points, aligning with current expectations. While subdued attendance was marked by reduced American participation, a separate UBS report highlighted rising private wealth, especially in the U.S.
(With inputs from agencies.)
Google News