41st Art Basel, the worlds largest modern and contemporary art fair that will take place in Switzerland will see A $25 million Alberto Giacometti sculpture and one of the last works by Louise Bourgeois. This fair has attracted many high profile buyers in the past including Brad Pitt and billionaire Aditya Mittal. Around 303 galleries representing 36 countries and 2,500 artists will be coming to this fair.
In the past few years, this market has shown a slump, but dealers are hoping for a revival and this seems to be the place to be. Asia is being seen as an emerging market and all the dealers want to capitalize on it at this fair. They say that the trend these days is on the classic artists. This is quite understandable as when the buyers spend so much money, they want something, which they already know is good.
London based dealer Daniella Luxembourg said, “Dealers will try to bring star pieces by established names and works by younger artists, who always stir interest at Basel. It’s like the real-estate market. Luxury apartments sell, cheap apartments sell.” Such events make things easier for both buyers and sellers. Let us see, which pieces fetch the most dough.