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 US gallery Pace.
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.
"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."
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.
"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 per cent jump in private individuals' wealth in 2024, with the US 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."
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