SOURCE: Reuters
By Marleen Kaesebier
BASEL, Switzerland, June 19 (Reuters) – The world’s biggest art fair takes place in Switzerland this week, with global crises creating a more sombre mood, according to participants, and galleries showing less expensive works amid a slump at the top end of the art market.
A fixture since 1970, Art Basel is widely viewed as a key barometer for the health of global art sales.
Works by over 4,000 artists are on show, including a Pablo Picasso painting valued at over $30 million shown by U.S. gallery Pace.
Global art sales fell 12% last year, the second annual decline in a row, according to a report by UBS. The drop was particularly sharp at the top end – defined as works selling at auction for over $10 million – where sales tumbled by 39%.
“It’s true the galleries are bringing material that is in a different price point to what it used to be,” said Vincenzo de Bellis, Chief Artistic Officer and Global Director of Art Basel Fairs. “And it’s natural, there’s a different expectation.”
No artwork had sold for over $10 million as of Wednesday, according to sales confirmed by exhibitors. Last year, one piece had already fetched $16 million on the opening Tuesday.
“I think the mood is very subdued,” said Gaurav Madhok, a visitor from London who has been going for over 12 years.
More than five gallery representatives said there were fewer American clients at stalls than in previous years.
A separate UBS report showed a 4.6% jump in private individuals’ wealth in 2024, with the U.S. faring especially well, creating over 1,000 new dollar millionaires daily.
“We’ve seen a lot of European curators,” said Georgia Lurie, a director of the Pippy Houldsworth gallery. “But Americans are thin on the ground, both collectors and museum people.”——Reuters
This post was originally published on this site be sure to check out more of their content
