After an underwhelming series of auctions in New York in May, dealers exhibiting at this year’s Art Basel fair in Switzerland — which opened to V.I.P.s on Tuesday and welcomes the general public from Friday onward — hoped to quell concerns about a dip in the art market.
The 53rd annual edition of this bellwether Swiss event, featuring 284 international galleries specializing in 20th and 21st-century art, was the first under the watch of Art Basel’s new chief executive, Noah Horowitz.
It is being held in a climate of geopolitical uncertainty, with high interest rates and inflation hampering consumer spending in many countries.
“There’s quite a lot of anxiety around,” said Paul Gray, the director of Gray gallery, based in Chicago and New York.
But in his 40-year experience, he added, the art market suffered from few major downturns.
Persons:
—, Basel’s, Noah Horowitz, ”, Paul Gray, Gray
Organizations:
Basel
Locations:
New York, Switzerland, V.I.P.s, Chicago