On Sunday, the world’s largest contemporary art fair—Art Basel—concluded in the Swiss town of Basel. This year it brought together 289 galleries from 40 countries, presenting works by approximately 4,000 artists.
At first glance, everything seemed as usual – big players, top artists, big budgets. Nahmad Gallery on a prestigious location on the first floor of the main Messeplatz pavilion with this time two sculptures by Alexander Calder and a 1963 painting by Jean Dubuffet. At the center of the display stood Picasso’s “Kneeling Woman, Nude” (1964), priced at $28 million—almost $7.8 million more than when it was shown at Sotheby’s in 2022. Di Donna Gallery presented the surrealist canvas “Sueño de Sirenas” (1963) by Leonora Carrington—priced at $9.5 million. The painting features the legendary Mexican actress Maria Félix in the image of a siren in three incarnations. Hauser & Wirth surprised everyone with a hypnotic, brooding painting by Mark Rothko, “No. 6/Sienna, Orange on Wine” (1962), which had not been mentioned in advance announcements. The work was part of the legendary 1964 exhibition at Kunsthalle Basel, marking its return to the city six decades later. The gallery did not disclose the price, but art dealers believe it will sell for no less than $30–50 million.
Despite price stability, this year’s fair was far from untroubled. Beneath the gloss of the booths, political and military conflicts, economic crisis – in short, a tense and changing world full of cracks, was discernible. Still, collectors enjoyed champagne in the sun-warmed courtyard, where the mood resembled a high-society resort with an undertone of intellectual interest in art. Among artists, however, the atmosphere was different. In the Unlimited section, the 85-meter installation “Journey — March to Utopia” by Atelier Van Lieshout consisted of an absurd procession of 80 objects: ox carts, wagons, wheelchairs, surgical beds, a toilet on wheels, all moving in a single direction. Toward the end, ghost-like sculptures emerged—symbols of those who never reached their utopia. Nearby stood “In God We Trust” by Danish-Vietnamese artist Danh Vo, a massive American flag assembled from hundreds of beams and 13 stars. First shown in 2020, during the heat of the Trump–Biden presidential campaign, the beams are removed and burned, and the flag literally disappears before one’s eyes, as if demonstrating the fragility of American democracy.
Art Basel remains, above all, a marketplace, with precise logistics and a packed schedule. In the highest price segment, everything was familiar: millions for Rothko, Bradford, Haring. But the mid-range saw increased activity. According to economist Clare McAndrew, the most noticeable growth occurred in the category under $50,000—exactly where the influx of new buyers is happening. The market is gradually deepening. The greatest optimism this year surrounded the so-called middle segment—works priced between $500,000 and $1 million. Political and economic instability remains the main challenge for market development, but the market continues to adapt.
New Collectors – new territories
Art Basel continues its geographic expansion, creating not only artistic but also logistical dilemmas for collectors. In addition to its traditional editions in Miami and Hong Kong, the fair also takes place in October in Paris—a cultural capital offering not just art, but also gastronomic, aesthetic, and life pleasures. In 2026, Qatar will join the route, expanding the map of the global art market.
This year, the core of attendees in Switzerland consisted of European collectors. Fewer Americans were present: Trump administration policies combined with global geopolitical instability created new barriers to sales. While the 31 percent import tariff from Switzerland has been suspended, the 10 percent “base” duty remains in effect. Although some lawyers argue that most artworks qualify as “informational materials” and are therefore duty-free, the overall atmosphere remains tense.
On the other hand, Korean, Cantonese, Japanese, and Chinese (both Taiwanese and mainland) languages were increasingly heard at VIP previews. Many young collectors from Asia brought personal guides to make the most of their visit. Among them were seasoned players: Japanese collector Kankuro Ueshima, who began collecting just three years ago and has already opened a private museum in Tokyo; Kazunari Shirai, co-founder of Art Week Tokyo; philanthropist Rosie Wu of Taipei accompanied by billionaire Robert Chang, founder of the Domus Collection; Thai patrons Marisa Chiravanont and Punn Chirakit; and a stream of leading Chinese and Hong Kong collectors including Patrick Sun and Cherry Xu.
The biggest sensation was the arrival of Kim Nam-joon—RM of the Korean band BTS—not just as ambassador for Samsung Art TV, but as a collector. The Samsung Art TV stand, dedicated to art in the digital age, was more than an installation—it was a declaration that the boundaries between visual culture, technology, and pop stardom have been definitively erased.
In Conclusion
This year’s Basel edition once again confirmed recent trends: while a handful of top artists still sell at high prices, the market overall remains stagnant—the post-Covid frenzy has faded. At the same time, a generational shift is underway: today’s buyers are younger, more diverse, and oriented toward digital technologies, while the art world struggles to keep up. Still, nearly all visitors agreed: art remains a product whose greatest reward comes only through personal presence.
Key Sales
London’s Annely Juda Fine Art sold David Hockney’s “Tunnel in Mid-November” (2006) for between $13-$17 million.
David Zwirner closed a $9.5 million deal for an early Ruth Asawa sculpture from 1955—a hanging form made of looped wire. A Gerhard Richter painting went for $6.8 million.
Gladstone Gallery sold a Keith Haring ink-on-wood work from 1983 for $3.5 million, along with five works on paper priced between $275,000 and $550,000.
Swiss gallery Hauser & Wirth made several major deals: two canvases by Mark Bradford (“I Don’t Have Time to Worry” and “Sin, Love and Fear”, both 2025) each sold for $3.5 million. A 1950s work by Alina Szapocznikow, “Lampe-bouche”, sold for €850,000. Sculptures by George Condo sold for $2.45 million each, Jack Whitten’s “Critic Spiti” for $2 million, Louise Bourgeois’s “Couple” for $1.9 million, alongside works by Nicole Eisenman, Eva Hesse, and Rashid Johnson.
Pace Gallery reported the sale of Loie Hollowell’s “Pressure in Blue-Purple” (2025) for $275,000. Price range at the stand varied from under $30,000 to $30 million.
White Cube sold three works by Chinese artist Cai Guo-Qiang, made with gunpowder on canvas. “Red Birds” (2022) was purchased for $1.2 million by a European institution. “Trish’s Peony No. 2” (2023) and “Natural Poppy Flower” (2016) each went for $700,000.
Thaddaeus Ropac reported the sale of Georg Baselitz’s “Hier jetzt hell, dort dunkel dunkel” (2012) for €1.8 million, James Rosenquist’s “Playmate” (1966) for $1.8 million, and Robert Rauschenberg’s “Lipstick” (1981) for $1.5 million.
At Xavier Hufkens, Tracey Emin’s “The Hunter” (2025) sold for £1 million (about $1.34 million), and Alice Neel’s “Pink Table” (1956) for $1 million.
The most unexpected sale happened during the preview: collectors suddenly began snapping up small “Labubu” figurines—a joint project by Hong Kong artist Kasing Lung and Art Basel. One hundred figurines priced at 200 Swiss francs (about $245) sold out in 23 minutes.
