Art Basel: What the art fair in Switzerland offers for galleries and artists

Basel. It's a hot June day in Switzerland. Outside on the exhibition square, the sun shines on a work by artist Katharina Grosse. She has covered the entire square, including the fountain and parts of the building, in pink-red gradients. The sprayed surfaces move across the exhibition architecture like scattered flames.

As we enter the halls of Art Basel, the air cools down. However, there are also some fires to extinguish at the booths, the so-called fair booths, because sales on the art market are declining.

Kaufmann Repetto at Art Basel

Source: Art Basel Press

According to a report commissioned by the major Swiss bank UBS, revenues in the painting and bust market fell by twelve percent in 2024. However, it was not the galleries that were particularly hard hit, but the auction houses: their revenues plummeted by a full 20 percent.

A key factor in this was the weak upper market segment: Works valued above ten million dollars came onto the market much less frequently. Yet these expensive sales were what auction houses like Sotheby's and Christie's enjoyed enormous success in recent years. Sotheby's even laid off hundreds of employees as a result.

In contrast, galleries remained comparatively stable—their decline was a much more moderate six percent. Art fairs like Art Basel are therefore under close scrutiny. This will show whether galleries can withstand the uncertainties of the market.

The war in Ukraine, the attack on Israel, and the humanitarian catastrophe in Gaza led to geopolitical uncertainty last year. Fluctuating stock prices and the threat of tightening customs policies also discouraged art collectors from buying and selling.

At Art Basel, the internationally renowned German gallery Sprüth Magers commented on the market decline: "We are all affected by this. It is common knowledge that there is a decline in investment in the art market." Despite this, Sprüth Magers is satisfied: The booth was well attended on the opening day, and sales were positive.

Indeed, the Swiss fair appears to be defying the crisis: This year's Art Basel saw numerous successful sales. According to a fair report, prices of up to $17 million were achieved for one work. The David Zwirner Gallery reportedly sold a 1955 wire sculpture by the American artist Ruth Asawa for $9.5 million on Tuesday. At Sprüth Magers, a textile work by Rosemarie Trockel was the top seller, fetching €850,000.

Art fairs are crucial for galleries, especially in times of crisis: In 2024, they generated around 31 percent of their total sales there. Art Basel's director, Maike Cruse, emphasizes that while the art market has become more selective, Art Basel is the place where galleries can present art at the highest level—and sell accordingly at high prices, as they find the right clientele here.

At the stand of the Sprüth Magers Gallery, paintings by the artists Barbara Kruger (left) and Rosemarie Trockel (right) were shown

Source: Juliane Freigang

The clientele Cruse is referring to consists exclusively of journalists and VIPs on the first two days of the fair—although the reporters didn't come to buy anything. The fair has only been open to the public since Thursday.

The VIP audience moves through the booths in dark blue suits with cufflinks on their shirtsleeves. The fashion designer, who has always been adored by the art crowd, Miuccia Prada shines here in the form of her handbags and sunglasses alongside the many gold jewelry that is obviously on display.

Visitors between the gallery walls at Larry Gagosian at Art Basel.

Source: Juliane Freigang

In Basel, major collectors, in particular, purchase new works during the first days of the fair – including Christian and Karen Boros from Germany. In Berlin, they own a former Reichsbahn bunker, in which they display their collection on five floors. Like the Boros family, many art collectors here in Switzerland are expanding their collections and networking locally.

In addition to museums, investors are also buying art to use as a capital investment. Listening to the conversations reveals that a new apartment in London needs to be furnished and that everyone is looking forward to seeing each other again soon in Paris.

Collector Christian Boros (center) visits Art Basel 2025.

Source: Juliane Freigang

The high selling prices of the galleries on the ground floor are no surprise—after all, buyers find the major flagships of the art scene here. But on the second floor, the Leipzig gallery Eigen + Art also reports: "We sold a Neo Rauch for 1.3 million euros." The painter thus remains the star performer of the only gallery from East Germany. Here, too, the fair was very well attended.

Nevertheless, gallery senior partner Kerstin Wahala observes: "Buying behavior has changed. People are spending more time shopping, and content is once again becoming more important."

The team of Galerie Eigen + Art at Art Basel with Kerstin Wahala (right).

Source: Juliane Freigang

At Gerd Harry Lybke's gallery, figureheads of the so-called Leipzig School, such as Neo Rauch, Tim Eitel, and Olaf Nicolai, are important—especially for contacts with museums. However, maintaining a balance between young and established artists is of great importance to the gallery with a view to the future.

In fact, even smaller galleries benefited from the fair. "Our prices range between 10,000 and 200,000 euros," says Galerie Société from Berlin. "We sold a lot," a spokesperson said.

Although the gallery has only existed since 2012, it exhibits artists at all Art Basel locations: in addition to the fair booths, it also exhibits particularly expansive works in the Unlimited area. It is also represented in the Parcours—the fair's attempt to bring art into the cityscape.

The installation «Interlude» (2025) by British artist Marianna Simnet, represented by the Société Gallery in Berlin, is shown in the exhibition Art Parcours.

Source: Georgios Kefalas/KEYSTONE/dpa

A high level of attention for not yet established artists is also evident outside of the large Art Basel: A well-known alternative fair is the so-called Liste - it offers Since 1996, it has also provided a platform for young galleries.

For three years now, the Basel Social Club has been operating in parallel in Basel. It also showcases new discoveries in a former bank building.

The alternative art fair Liste has always been well attended during Art Basel.

Source: Silke Briel

"It's become a very important event. You meet a lot of people from the young creative scene here," says Debi Biffi (45), who organizes the Swiss Design Prize. The graphic designer traveled from Zurich especially for the event with her partner Benjamin Moser (42). Moser explains: "During Art Basel, the city changes completely. There's so much going on here that you can't experience everything in one week."

Christine Vogt (57), who runs an art dealership on the Spalenberg in Basel’s old town, confirms the full program of visitors: “When people visit all the pop-ups and side fairs, they lack the leisure to come to the old town,” says the shop owner, who herself exhibits international art.

“That’s why we don’t notice much of Art Basel here.” However, she can easily make a living from walk-in customers anyway.

In Basel's old town, there's little sign of the trade fair hustle and bustle. While the international crowd throngs the halls, the alleys lined with medieval craftsmen's houses remain quiet.

Even around the shady university grounds and the market square with the crimson town hall, the normal business of a city of 150,000 inhabitants prevails.

The old town in Basel remains largely unaffected by the flow of visitors to the trade fair.

Source: imago images/Panthermedia

Meanwhile, the ground floor is crowded between the booths of the gallery giants. Many of the booths feature icons of classical modernism: Edvard Munch, Otto Dix, and even a Picasso are on offer for $30 million.

Postmodernism is represented by French artist Louise Bourgeois—many of her well-known spiders and spirals are displayed on the fair's display walls. The gallery owners also present works by German photographers such as Bernd and Hilla Becher and Pop artists such as Keith Haring.

Established artists such as Keith Haring were well represented at Art Basel.

Source: Art Basel Press

Among the younger artists, some established artists were also shown: drawings by Anne Imhoff from Germany and large textile works by Małgorzata Mirga-Tas from Poland.

Why do galleries show so many works that have long been hanging in major museums? It's an economic truism, but in economically uncertain times, people tend to invest in things that will last. Established artists are seen as a safe investment in an uncertain market.

Despite declining sales figures last year, galleries and auction houses still earned $57.5 billion from sales in 2024.

That's equivalent to the gross domestic product of Luxembourg. By comparison, the international music market reached a total of just $29.6 billion .

The multi-millionaire gallerist Larry Gagosian, who became known through artists such as Damien Hirst and Jeff Koons, commented on the fair's success on Tuesday: "Art has always been a place of refuge - and both institutions and private collectors are currently actively looking for purchasing opportunities." This ideal value of art in times of crisis would then also benefit arguably the most powerful gallerist in the world.

This painting by Barbara Kruger of the Sprüth Magers Gallery was sold at Art Basel.

Source: Juliane Freigang

The Sprüth Magers booth is dominated by a painting by artist Barbara Kruger: "War time, war crime, war game" is the caption. In her signature white letters against a black background, she addresses what people are currently talking about in the news and in conversation: We live in uncertain times.

This is also a statement from the gallery. But even though the American artist's works aren't easy to come by, they've already been sold. Kruger's diagnosis thus becomes part of a gallery business in Basel that's profitable despite the crisis—whether for art as a refuge or an investment.