At Art Basel, collectors hold back amid soft market

The global art market is not immune to current economic and geopolitical tensions, and is counting on a new generation of collectors to revitalise the momentum.

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ZURICH -

Some big transactions were concluded last week during Art Basel, the world's top contemporary art fair, notably by London's Annely Juda Fine Art gallery, which sold a painting by English artist David Hockney for between US$13 million and US$17 million (S$16.6 million and S$21.7 million), without disclosing the exact price.

The David Zwirner gallery sold a sculpture by American visual artist Ruth Asawa for US$9.5 million and a painting by German visual artist Gerhard Richter for US$6.8 million.

However, prices did not reach the heights achieved in 2022, when the art market was in full swing. Back then, a sculpture by French-American artist Louise Bourgeois was purchased for US$40 million.

"The market is certainly softer," said Art Basel's chief executive Noah Horowitz, though major sales still happen at such fairs "despite, somehow, all that's going on in the world".

Switzerland's biggest bank UBS and the research and consulting firm Arts Economics prepared a report for the fair.