There were sales aplenty during Art Basel’s First Choice preview yesterday (June 17), but little sense of urgency. The mega-fair’s opening day unfolded at a slower, more deliberate pace, especially at the top end of the market, compared to the pre-pandemic and pre-Paris frenzies. After the early breakfast and bottomless Ruinart, no one was stampeding across the ground floor to claim a blue-chip trophy. Instead, the action drifted upstairs, where fresher, more international offerings at lower price points drew a steadier rhythm of discovery and deal-making.
The crowd on opening day skewed unmistakably European—and older—highlighting how Basel’s hometown edition is losing its grip on the next-gen global jet-set, many of whom are now placing their bets on Paris or the much-hyped Qatar edition, a hot topic in the Messe’s circular courtyard.
Seasoned collector Alain Servais confirmed the shift, noting it felt like “the quietest opening day in terms of attendance” in his twenty-eight years of attending the fair. “Looking for works taking me out of my comfort zone, I spent long days at Unlimited and Art Basel,” he told Observer. “With only a handful of exceptions like Martha Rosler at Nagel Drexler, Candice Lin & Miriam Bennani at Ghebaly, Gabrielle Thomas at Rafaela Cortese, Jaune Quick-to-See Smith at Stephen Friedman, Shino Otake at Take Ninagawa, Vikrant Bhise at Experimenter, Joyce Joumaa at Eli Kerr, it seemed to me too safe.”
What was once the undisputed climax of the art market calendar now reads more like a transitional gathering—a polite farewell before the Mediterranean art circuit takes over, bringing those still making the transatlantic trek to Hydra and Menorca.
“We’re not in a crash, but a correction,” art market expert Magnus Resch told Observer when we caught him after a few laps around the aisles. “While a handful of top-tier artists still fetch high prices, the broader market has been stagnant for years—the Covid-era hype has simply worn off. At the same time, we’re seeing a generational shift: today’s buyers are younger, more diverse and digital-first, yet the art world hasn’t kept pace. If we fail to convert them into committed collectors, the market’s downturn will continue.”
According to Resch, these new buyers are showing up at events like Art Basel because they value the offline social experience, but in its current form, the fair model isn’t working. “Collectors aren’t buying, and galleries aren’t selling,” he said. “As a result, fairs are becoming costly branding exercises—profitable for a few, break-even at best for the rest.”
White Cube successfully placed a 2023 work by Georg Baselitz for €2.2 million, three works by Danh Vo at €250,000 each and Cai Guo-Qiang’s Red Birds (2022), acquired by a European institution for $1.2 million, along with other works from its roster. Also reporting strong results was Korean-American dealer Tina Kim, who sold two paintings by Ha Chong-Hyun for $550,000 and $250,000; three mixed media works by Suki Seokyeong Kang priced at $100,000, $70,000 and between $40,000-50,000; a textile work by Lee ShinJa in the $40,000-50,000 range; a mixed media sculpture by Mire Lee for $40,000 and a mixed media work by Pacita Abad priced between $30,000-40,000. Notably, the large-scale installation by Suki Seokyeong Kang, Mat Black Mat 170 x 380, which the gallery is presenting at Art Basel Unlimited, is currently on hold with a major U.S. institution.
—Elisa Carollo
