A visitor walks past the "Buste de Diego" (1961) by artist Alberto Giacometti as Paris+ par Art Basel international contemporary art fair opens in Paris, France, October 19, 2022.
The event, "Paris+ par Art Basel", was awarded to Art Basel, one of the giants in the art world, which hosts fairs in Switzerland as well as Miami and Hong Kong.
Contemporary art, dating roughly from 1945 onwards, made up 23% of the art market in 2020-2021, compared with 3% in 2000-2001, according to the Artprice data bank.
The Paris event replaces the International Contemporary Art Fair (Fiac) and follows the high-profile Frieze fair in London.
Paris is the only big city in the continent, the only important city for contemporary art, so it was an obvious choice," Kilchmann told Reuters.