Art Basel, the world's largest contemporary art fair, opens to the public

Basel (Switzerland) June 19 - The largest international contemporary art fair, Art Basel, opened to the general public in Basel today. Over 60 works have already been sold in the previous two days, which were reserved for exclusive visitors, some for millions of dollars, reports the DPA agency. The event will last until Sunday.

Despite the worldwide declining art market, the most important event in the industry is proving surprisingly viable, DPA noted. In the previous two days, works by Japanese-American sculptor Ruth Asawa (for 9.5 million USD; 205 million CZK), German artist Gerhard Richter (6.8 million USD), as well as works by Yajoi Kusama, Joan Mitchell, Marlene Dumas and Dana Schutz were sold.

Outstanding works were already announced for sale in the week before the opening of the Art Basel fair. For example, New York's Pace Gallery announced that it wants to offer a Pablo Picasso painting for more than $30 million.

Despite the fair's strong start, the global art market is showing declining figures. According to a recent report by Art Basel and the Swiss bank UBS, total turnover in this area fell by 12 percent last year. Fair director Maike Cruse emphasized that the art market has become more selective, but high-quality works at reasonable prices continue to enjoy great interest. According to her, Art Basel is a place where galleries present art at the highest level and can therefore sell it at correspondingly high prices because they find the right clientele there.

The current report also shows growth in the lower price segment, meaning works up to $5,000 (108,000 CZK). Art Basel also offers a stage for these, says Cruse. This year, 289 galleries from 42 countries are participating in the fair. Art Basel trade fairs are currently also held in Miami Beach, Hong Kong, Paris, and starting next year, the Qatari capital, Doha, is set to join.

WT.24