Even before Art Basel officially opened to the public on Thursday, the prestigious international art fair had already recorded multi-million-dollar sales.
Notable early transactions included a US$9.5mil (RM40.5mil) sculpture by Japanese-American artist Ruth Asawa and a US$6.8mil (RM29mil) work by German painter Gerhard Richter.
Pieces by Yayoi Kusama, Joan Mitchell, Marlene Dumas, and Dana Schutz were also among more than 60 artworks that found buyers during the two-day VIP preview.
Visitors walk by the artwork ‘The Voyage – A March To Utopia’ (2022) by Dutch Atelier Van Lieshouton on display at the Unlimited section of Art Basel on June 17. Photo: AFP
The 55th edition of the fair, which features nearly 300 galleries showcasing their top works, runs through Sunday in the Swiss city of Basel, near the borders with France and Germany.
Art Basel is widely regarded as the most important event in the contemporary art calendar.
Dealers had begun building anticipation well before it opened. New York’s Pace Gallery, for example, revealed plans to offer a painting by Pablo Picasso for more than US$30mil (RM128mil), although a buyer has yet to be confirmed.
An art installation titled ‘Into The Woods To Lose Our Way’ (2025) by South Korean artist Hyunsun Jeon is seen on display at the Unlimited section of Art Basel. Photo: AFP
Meanwhile, international gallery David Zwirner – with locations in New York, Los Angeles, Hong Kong, London, and Paris – reported a strong start to the week.
Yet despite the headline-grabbing figures, the broader art market is showing signs of strain.
According to the latest Art Basel and UBS Art Market Report, global art sales fell by 12% in 2024, with the high-end segment in particular showing signs of stagnation.
At the same time, growth is emerging in the lower price tier, with works under US$5,000 (RM21,306) driving much of the recent activity.
This year’s Art Basel features 289 galleries from 42 countries. Looking ahead, the fair plans to launch its fifth international edition in Doha in February 2026, joining existing offshoots in Miami Beach, Hong Kong and Paris. – dpa
