Art Basel: barometer of the international art world

Influential art event with history

The more than 50-year history of Art Basel began in the 1970s when local gallery owners Ernst Beyeler, Trudl Bruckner and Balz Hilt created an international art fair. The event was a success right from the start: More than 16,000 art fans visited the opening exhibition, which included 90 galleries and 30 publishers from ten countries. Photo and film exhibitions followed in the 80s and 90s; in the 2000s, the introduction of Art Unlimited platform, which replaces the concept of a classic exhibition stand with an open environment in which a wide range of contemporary media is shown.

The highlights of Art Unlimited this year include, for example, Yael Bartana's video work”Malka Germany” (2021), presented by Galleria Raffaella Cortese, Annet Gelink Gallery and Petzel, as well as Stano Filko's installation “Environment S.FILKLINIC.DEATHS.F” (2006), presented by Layr.

In addition to Art Basel itself, Art Basel has also been taking place annually in Miami Beach since 2002. In 2013, another location in Southeast Asia was added with Art Basel Hong Kong. Each Art Basel Show has its own selection committee, consisting of international gallery owners, which reviews all applications and selects participating galleries anew every year.

Also known as the “Olympics of the Art World,” the trade fair brings the international sector together. This year, it presents around 290 leading galleries and more than 4,000 artists from all continents. Many top-class exhibitions are taking place in and around Basel at the same time, turning the event into a regional art week.

Works from the 20th and 21st century are primarily exhibited. Various art forms from modern masters and up-and-coming talents are represented. Art Basel sees itself as opposed to competing trade fairs such as the Biennale or documenta But not just as a sales fair: With numerous, non-commercial crossover events and curated formats, the former director, Sam Keller, expanded the classic trade show and turned it into a complex, major cultural event.

The annual art market report published jointly with UBS also underlines the market-leading character of Art Basel. The Art Basel and UBS Global Art Market Report covers key macroeconomic industry trends and provides fundamental insights into the art market. The report, written by renowned cultural economist Dr. Clare McAndrew, also includes the results of a survey conducted by UBS Investor Watch and Arts Economics among more than 2,000 wealthy art collectors in ten key markets, which provides insights into buyer behavior.

Significant artists, galleries and trends

According to the report, global art sales are even rising above pre-pandemic levels in 2022. The art market has already recovered strongly in 2021, with total sales of fine art and antiques by dealers and auction houses reaching an estimated value of 65.1 billion dollars. This represents an increase of 29% over the previous year and exceeds the market value of 2019 by 0.7 billion dollars. The USA remained dominant with a 43% share of global sales, while the UK fell back to third place behind China.

The growth trend is likely to continue this year as well — looking at exhibitors and sales on the first days of the fair. The top art trade companies this year probably include Gagosian, Zwirner, Landau and Hauser & Wirth: Right at the start of the trade fair, the Swiss Gallery sold the iconic “Spider” sculpture by Louise Bourgeois for 40 million dollars. The New York David Zwirner Gallery also raised an impressive 12.5 million dollars for a work by Cuban-American conceptual and installation artist Félix González-Torres. Zwirner also sold the painting “Militaristic Monomaniac” by Marlene Dumas to a European collection for 8.5 million dollars.

One of the most well-known artists of Art Basel is once again Keith Haring. His work “Untitled” from 1988 shows one of his iconic characters trying to escape from a monster. The painting was taken two years before he died and would be worth millions of dollars.

In addition to high-priced art for sale, there is also priceless art on display at Art Basel. For example, various works by Picasso, such as “Les Dormeurs” from 1965, which is one of the absolute exhibition highlights of the fair.

Digital art is now also playing a — albeit rather minor — role. For example, Galerie Nagel Draxler sold last year as part of its “Crypto Kiosk” the first NFT (Non-Fungible Token) at Art Basel. This year, the gallery combines crypto offerings with traditional art and presents two crypto-related works of art, including three NFTs from Kenny Schachter.

Nagel Draxler is trying to “merge the two worlds.” Because “everyone will soon have a wallet for digital assets... because we are in the middle of the fourth industrial revolution, and Art Basel is and will always be a driving force for many of these changes.”

The data from the UBS Global Art Market Report also confirm the trend towards digital art and hybrid forms. Blockchain-based NFTs seem to be becoming increasingly attractive, especially for wealthy art collectors: 74% of respondents bought art-related NFTs in 2021.

Criticism of the Basel art fair

Art Basel is undoubtedly an important barometer of sentiment for the art market and the international trade fair par excellence. But there are also critical voices who question their future in general or criticize the selection and admission processes.

One topic that is currently being discussed controversial is, for example, how the trade fair in Hong Kong will continue in the future. In fact, there is no more freedom of expression and demonstration there, as the Chinese government has arbitrarily arrested opposition figures on the basis of the so-called security law or expelled them from the country because of the reprisals. It is doubtful whether this fits in with the liberality of the art world, which forms the basis of Art Basel.

Art Basel's financial framework is also faltering: The corona pandemic has severely affected its event group MCH Group. The company is recording pandemic-related losses for two years in a row. For this reason, a package of financial measures is to be developed whose aim is to ensure the refinancing of the 100 million Swiss francs bond due in May 2023. The government of the Canton of Basel-Stadt wants to contribute up to 34 million francs. Lupa Systems around media mogul James Murdoch should also pay just as much. Both the involvement of Murdoch and the use of taxpayers' money to save Art Basel are not approved by many Swiss and art lovers — especially as the question is whether expensive trade fairs will even exist in the future as a result of the digitization of galleries and sales platforms.