Art Basel

The 55th edition of Art Basel was successfully held from June 19 to 22 at the Messe Basel in Switzerland. This year’s fair brought together 291 leading galleries from 42 countries and regions, showcasing exceptional artworks across a wide range of media—spanning early 20th-century modern art pioneers to contemporary artists, including painting, sculpture, photography, and digital art.

In terms of scale, this year’s Art Basel maintained its stature as a flagship event on the global art market. The core “Galleries” section featured nearly all of the world’s top-tier blue-chip galleries, such as Gagosian, Hauser & Wirth, and David Zwirner. A particular highlight was the “Unlimited” section, curated by Giovanni Carmine, which presented nearly 70 large-scale installations, sculptures, and video works that transcended conventional booth formats—the largest such presentation in the history of Art Basel. This section included several museum-quality historical pieces, such as Felix Gonzalez-Torres’s Untitled (1991), brought by Hauser & Wirth, featuring a dancer clad in sequined underwear performing daily at the entrance, listed at $16 million; and Martin Kippenberger’s monumental installation METRO-Net (1997), originally shown at Documenta X, offered for $3 million by Gagosian.

Market performance reflects structural adjustments. According to the Art Basel–UBS Global Art Market Report, the global art market experienced a 12% decline in sales in 2024, falling to US$57.5 billion—a trend that posed challenges for Art Basel. During the fair, transactions involving high‑priced works (in the tens of millions of dollars) slowed considerably; only one piece was publicly disclosed—a David Hockney painting, Mid November Tunnel (2006), sold by London’s Annely Juda Fine Art for between US$13 million and US$17 million, a notable decrease compared with previous years. Meanwhile, sales in the US$1 million to US$10 million range remained robust, underscoring continued investor confidence in key artists represented by blue-chip galleries. For instance, David Zwirner sold Ruth Asawa’s suspended sculpture for US$9.5 million and Gerhard Richter’s painting for US$6.8 million; Pace Gallery secured Agnes Martin’s Untitled No. 5 for over US$4 million; and Hauser & Wirth sold Mark Bradford’s new painting for US$3.5 million.

Chinese artists’ presence draws attention. At this year’s fair, Zeng Fanzhi’s Water IX (2019–2023) sold for US$1.6 million, while Cai Guo-Qiang’s Red Birds (2022) fetched US$1.2 million. Additionally, works by female artists and Indigenous creators garnered significant interest, with pieces by Cecilia Vicuña, Loie Hollowell, and others acquiring prominent institutional collections—underscoring the profound impact of revising art-historical narratives on market valuation frameworks.

Chinese galleries actively participated, with numerous galleries from the 798 Art District exhibiting. Beijing Commune showcased works by Zhang Xiaogang, Song Dong, Yin Xiuzhen, Wang Guangle, Liang Yuanwei, Mao Yan, and others within the “Galleries” section, while also presenting Hu Xiaoyuan’s solo project in the “Curatorial Corner.” Magician Stone Space exhibited works by Yang Peikeng, Shi Guowei, Qin Yifeng, and Hu Yinping, with Qin Yifeng’s Disappearing Photography series selected for inclusion in the “Unlimited” section. Evergreen Gallery presented works by Anish Kapoor and Michelangelo Pistoletto, among others. Maier Gallery displayed new works by Wang Xingwei, Cao Yu, Ju Ting, and Shao Fan. Tokyo Gallery + BTAP highlighted creations by Asian artists including Bita Inani, Motoharu Motonaga, Sugimoto Shigeo, and Lee Jin-yu.

Exhibitor and industry feedback. Maike Cruse, Director of Art Basel, emphasized that the fair is renowned for its scale and depth, with an unparalleled concentration of high‑quality contemporary and modern artworks—qualities unmatched by any other art fair. She further noted that the “Unlimited” section, with its large‑scale presentations, transforms the event into a temporary museum. Attendees agreed that, amid ongoing adjustments in the art market, Art Basel continues to hold an unshakable position as the premier platform for galleries to showcase their most important offerings, for top collectors to execute strategic acquisitions, and for institutions to forge annual partnerships.