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Art Basel thrives despite global market slowdown

Art basel
Keystone / Georgios Kefalas

Art dealers, collectors, and gallery owners from around the world wrapped up several multi-million-dollar deals in brisk trade at an annual art fair in the Swiss city of Basel this week, despite a slowdown in the global art market.

Deals at the fair—widely seen as a barometer of global art demand—included the $20-million (CHF17.8 million) purchase of a painting by 20th-century American artist Joan Mitchell on the opening day and the sale of a drawing by fellow abstract expressionist Arshile Gorky for $16 million.

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The global art market shrank 4% to $65 billion last year, according to the 2024 UBS Global Art Market Report, and the value of sales in the latest New York auction season fell more than 20%.

Against that backdrop, organisers of the Basel fair said sales at the event had come as a relief to gallery owners.

Art Basel opens amid volatile economic situation

“There’s an exhale collectively for many in the halls about where the market is,” said Noah Horowitz, chief executive of Art Basel, adding that buyers remained more sensitive to prices than during boom years.

“Great art and ambitious art will… continue to sell,” he said. “But I think it’s a fool’s errand to try to gaze into a crystal ball with so many factors, economically, geopolitically… in the world right now.”

Many gallery owners said sales had exceeded their expectations.

Isabella Kairis Icoz, a partner at Lehmann Maupin, a gallery with branches in New York, Seoul, London, and Milan, said they had sold 15 works with collectors and museums on the first day.

The Swiss arts outlook 2024: politics reclaims the centre stage

“I came in slightly cautious… but Basel has been a true testament to its resilience,” Icoz said, adding that the gallery had seen particularly strong interest from European private collectors.

James Koch, partner at the Hauser & Wirth gallery which was showing works from the secondary market and pieces by contemporary artists, said he had seen a number of young and informed European collectors buying.

“Not only the ones with the larger budgets but also people starting to collect,” he said.

Louise Bourgeois remains among bestsellers at Art Basel

Two scenarios typically emerge in the art market in times of global economic and political uncertainty, said Clare McAndrew, author of the Art Market Report.

“Buyers can hold back, which they did last year, or they can start to anchor on safe works, which is what they might do this year,” she said.

Adapted by amva

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