Art Basel
And the global art market today
One of the most well-established contemporary art fairs in the world and the ultimate art fair purveyor, Art Basel has been offering enticing line-ups of programs in its Rhine-side Swiss hometown since 1970. This four-day-long event welcomed nearly 300 of the world’s leading galleries in a celebration of imagination, creativity, and artistic talent.
The fair this year was busy, as always, and most dealers left happy. This year’s most celebrated booths included Hauser & Wirth’s “Three Graces” by Louise Bourgeois; Sprüth Magers’s “Four Types of Balance (with Basketballs)” by John Baldessari; and Mnuchin likewise, with “100 Copper Square” by Carl Andre. Outside the main fair, Gianni Jetzer curated an impressive exhibition Unlimited, accentuating 71 large-scale installations, sculptures, projected video works, live performances, and anything else that can’t be contained in the regular fair booth.
The passion that drives art is also an increasingly valuable property in economics. The global art market reached $63.7 billion in sales in 2017, up 12% from 2016, directly employing 3 million people, The US is the largest market worldwide, accounting for 42% of sales by value, followed by China (21%) and the UK (20%). Attending an average of 5 fairs per year, dealers reported that they made 46% of their sales at art fairs in 2017, up 5% from 2016.
Sources: The Monocle Minute (June 14, 2018) | The Art Market 2018 by Art Basel & UBS | Image: Art Basel