Art Basel, the world's largest art fair, opened in Switzerland, despite a 4% decline in sales, amidst a "cooling" art market.

Art Basel, the world's largest and prestigious art fair, opened in Switzerland amidst a "cooling" but active art market. Despite a 4% year-on-year decline in sales, estimated at $65 billion in 2023 due to high interest rates, inflation, and political instability, the Art Market Report 2024 revealed a 4% growth in transaction volume, driven by sales at lower price levels. Art market experts and gallery owners believe that the market remains active and resilient, with buyers still very engaged in the art world.

June 11, 2024
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