International

As Art Basel opens, buyers face a 'cooling' but still very active market

BASEL, Switzerland — Million-dollar works by Jean-Michel Basquiat, Yayoi Kusama and Alberto Giacometti hit the market this week when the Art Basel fair opened in Switzerland.

Thousands of people flooded the exhibition center for VIP previews before the doors opened to the public on Thursday. Arriving guests strolled through a large square filled with wheat stalks that resembled a field, a work by conceptual artist Agnes Denes that was first staged in 1982.

More than 280 international galleries exhibited everything from paintings and sculptures to video installations and performance art.

Art Basel is like the Super Bowl of the art world, said art market expert Magnus Resch.

The 2024 Art Market Report, published by Art Basel and Swiss investment bank UBS, found that sales fell 4% year-on-year to 2023, to around $65 billion, against a backdrop of high interest rates, inflation and political instability.

Sales were notably weaker at the top of the market.

We have seen a bit of a slowdown, said UBS Global Wealth Managements chief economist Paul Donovan.

Once the rage of the art world, art-related NFT sales or non-exchangeable tokens on NFT platforms outside the art market fell sharply, according to the report, from a peak of $2.9 billion in 2021 to $1.2 billion last year.

But there is still enthusiasm. The report found that transaction volume increased in 2023 by 4%, driven by sales at lower price levels.

We weren't seeing art sales go off the edge of a cliff or anything like that, Donovan said. So chilling is probably the right way to think about what's going on.”

Austrian gallerist Thaddaeus Ropac said that I think people are now reflecting a little more, taking some time, but they are still very, very active.”

Some dismissed any bold analysis. In an opening day sales report, the president of Hauser International Gallery & Wirth's Iwan Wirth described it as heavy pornography, while New York-based Sean Kelly said the market had already turned a corner since last year.

There is always something to worry about. But the market has proven to be extremely resilient,” Kelly said.

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