Despite global economic uncertainty, Art Basel has opened in Switzerland with significant transactions, including high-value works by Picasso and David Hockney.
Art Basel has launched its latest edition in Switzerland, demonstrating resilience in the contemporary art market. During the exclusive VIP preview, a 1963 Pablo Picasso painting, Le peintre et son modele dans un paysage, was sold by the Zurich-based gallery Hauser & Wirth for $35 million.
The fair, which hosts 290 galleries from 43 countries, also saw a notable sale of a work by the late British artist David Hockney, which fetched $8.5 million through the US gallery Gray. Additionally, the new 'Basel Exclusive' initiative facilitated the sale of another Picasso piece for up to $6.5 million.
Artistic director Vincenzo de Bellis noted a positive atmosphere at the event, despite broader geopolitical concerns. A report by UBS and Arts Economics indicates that the global art market grew by four percent in 2025, reaching $59.6 billion, largely driven by high-end transactions exceeding $10 million.
