{"id":11116,"date":"2025-06-21T00:05:20","date_gmt":"2025-06-21T00:05:20","guid":{"rendered":"https:\/\/ipp-news.com\/?p=11116"},"modified":"2025-06-21T00:05:20","modified_gmt":"2025-06-21T00:05:20","slug":"art-basel-opens-to-subdued-market","status":"publish","type":"post","link":"https:\/\/ipp-news.com\/?p=11116","title":{"rendered":"Art Basel opens to subdued market"},"content":{"rendered":"
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.<\/p>\n

A fixture since 1970, Art Basel is widely viewed as a key barometer for the health of global art sales.<\/p>\n

Works by over 4,000 artists are on show, including a Pablo Picasso painting valued at over $30 million shown by US gallery Pace.<\/p>\n

Global art sales fell 12 per cent 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 per cent.<\/p>\n

“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.”<\/p>\n

One artwork had sold for between $13-17 million by Wednesday, the only one to fetch at least $10 million over the first two days, sales confirmed by exhibitors show. Last year, four pieces worth $10-20 million sold during the same period.<\/p>\n

“I think the mood is very subdued,” said Gaurav Madhok, a visitor from London who has been going for over 12 years.<\/p>\n

More than five gallery representatives said there were fewer American clients at stalls than in previous years.<\/p>\n

A separate UBS report showed a 4.6 per cent jump in private individuals’ wealth in 2024, with the US faring especially well, creating over 1,000 new dollar millionaires daily.<\/p>\n

“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.”<\/p>\n

\u00a0<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-11116","post","type-post","status-publish","format-standard","hentry","category-english-news"],"_links":{"self":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts\/11116","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11116"}],"version-history":[{"count":0,"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts\/11116\/revisions"}],"wp:attachment":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}