Art enthusiasts from across the globe descended on the city of Basel in Switzerland this week, attending the premier art fair in the world. The main attractions at the fair included a Mark Rothko painting with a hefty $60 million price tag.
Noah Horowitz, who assumed the role of Art Basel’s Chief Executive last November, noted a powerful representation of attendees from Asia at this year’s Art Basel.
“The surge in influential collectors from the Asian region is striking,” he commented.
Joost Bosland, part-owner of Stevenson – an international gallery with branches in South Africa and the Netherlands – also confirmed the trend.
“There’s been a marked increase in visitors from mainland China and its surrounding region in our exhibit, more than any previous fairs,” he observed.
Despite the 14% decrease in sales to $11.2 billion in the Chinese art market – the world’s third largest – by the end of 2022 due to pandemic-related lockdowns causing disruptions, the 2023 UBS Global Art Market Report indicated a growing optimism among local dealers.
“The presence of this group of patrons has infused the fair with a vibrant energy,” expressed Bosland.
Another notable trend at this year’s Basel fair was the rise in young buyers. Bosland, at 39 years old, mentioned, “I’ve never experienced selling so much art to peers of my age before.”
He noted that these young collectors were acutely aware of the secondary art market’s possibilities. However, he also warned against viewing art purely as an investment due to the unpredictable nature of the art market.
Echoing Bosland’s sentiment, Patricia Amberg, the UBS art advisory service leader for ultra-high net worth clientele, insisted that the Swiss bank doesn’t regard art as an investment or traditional asset class.
“The art market operates quite differently from the financial market. It’s much less transparent, highly opaque, and reliable data sources are limited,” she explained.
This year’s Art Basel fair in Basel, Switzerland, showcased an intriguing mix of art from established and emerging artists, attracting a record number of visitors from Asia and a fresh wave of young collectors. This diversification of attendees and buyers underscores the global appeal of art and its potential as a unifying force, despite the inherent unpredictability of the art market.
