Bellwether Basel art fair gives lift to sluggish global market

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Deals at the fair — widely seen as a barometer of global art demand — included the US$20-million purchase of a painting by 20th-century American artist Joan Mitchell on the opening day and the sale of a drawing by fellow abstract expressionist Arshile Gorky for US$16 million. “There’s an exhale collectively for many in the halls about where the market is,” said Noah Horowitz, chief executive of Art Basel, adding that buyers remained more sensitive to pricing than during boom years.

Visitors take a selfie in front of ‘Spring to Fall’ 2023/2024, by American artist Sam Falls displayed at the Unlimited sector of Art Basel fair for Modern and contemporary art, in Basel June 11, 2024. — Valentin Flauraud/AFP pic

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