1. Valuable works flood the market

We saw a significant increase in the number of valuable works up for sale at Art Basel 2024, mostly from private collections. Some of them had never been on the market before while others were put up a second time only and sold directly at the fair, as in the case of a work by Niki de Saint Phalle.

 Niki de Saint Phalle, «Heart». from a series of shooting pictures (Image: finews.art)

2. Conservative Pricing

Many of the prices for artworks for set at more conservative levels than they had been in years past. «We were very optimistic about the resilience of the art market despite the forecast for an impending collapse. We sold more works on the opening day of Art Basel than we did last year», said Ivan Wirth, co-founder and president, Galerie Hauser & Wirth.

3. Strong Sales

Unique classic modern works, including those by Pablo Picasso and Henri Matisse, were amply represented. Several works by Gerhard Richter were also shown, including a smaller piece from his series of abstract paintings that went for a relatively moderate $750,000.

It was interesting to see that the practice of keeping the stands up a day after the VIP opening day fell by the wayside. That seems to indicate that exhibitors were focused on sales without needing to make other adjustments.

 
Joan Mitchell, «Sunflowers», 1990-91 (Image: finews.art)

4. Sales fall significantly below those of 2023

According to experts, sales at the fair reached almost $250 million, which was about half of what was achieved a year earlier at the same time.

The top sellers:

• A Diptychon by Joan Mitchell (1990-91), sold by David Zwirner for $20 million.
• A painting by Arshile Gorky (1946-47), sold by Hauser & Wirth for $16 million.
• Other significant sales include a work by Robert Rauschenberg for $3.85 million and a portrait by Elizabeth Peyton for $1.3 million.

5. Yayoi Kusama Was Practically Everywhere

The number of works by Japanese artist Yayoi Kusama felt almost inflationary this year in Basel. Not only were his famous pumpkins on display but visitors could also buy and admire his canvases.

Yayoi Kusama, «Aspiring to Pumpkin's Love, the Love in my Heart», 2023. Art Basel Unlimited/ Galerie Zwirner (Image: finews.art)

6. More Visitors

Art Basel 2024 received a total of 91,000 visitors, up from 82,000 a year ago. In total, about 285 exhibitors from 40 countries presented their works. Besides the main fair, there was also the Unlimited sector, which contained 70 large-format works such as installations, video projections, and paintings.

Allan McCollum: The World: A Moment in Time, 2024. Art Basel Unlimited (Image: finews.art)

7. Novel Side Program

The Parcours Sector offered several location-specific installations throughout the city located in empty shops and hotels. Something else that was new this year was the Art Basel Shop, a conceptual selection of design, fashion, and publications.