The beginning of Art Basel was marked by the multi-million sales of Picasso and Hockney.

The world’s most prestigious art fair, Art Basel, kicked off this week with record-breaking sales, marking a significant resurgence in the global art market after two years of decline. On the opening day alone, masterpieces by Pablo Picasso and David Hockney—both of whom have had profound impacts on modern art—were sold for millions of dollars. These high-profile transactions took place during a private preview attended exclusively by wealthy VIP guests before the fair officially opened to the public on Thursday. The event has drawn attention not just for its financial figures but also for its reflection of broader economic trends and evolving interests within the art world.

The fair features 290 galleries from 43 countries and territories around the globe, making it one of the most influential gatherings in the art industry. During the private viewing, the Zurich-based gallery Hauser & Wirth successfully auctioned a 1963 Picasso painting titled *Le peintre et son modèle dans un paysage* for $35 million, equivalent to approximately €30 million. This sale marked a notable moment as it was the first time the piece had been publicly displayed. Another gallery, Almine Rech from France, also secured around $6 million from the sale of another Picasso work. Meanwhile, the American gallery Gray sold two works by David Hockney, who passed away earlier this week at the age of 88. One of these pieces, depicting the interior of his studio from 2014, fetched $8.5 million, while another Hockney painting, *Delphiniums on My Garden Table, July 2025*, was estimated to sell for $12 million.

These sales underscore a growing trend in the art market where high-value artworks are commanding increasingly large sums. According to reports prepared by Swiss bank UBS and the arts research firm Arts Economics, the global art market experienced a four percent growth in 2025 following a period of stagnation. The total value of the market reached approximately $59.6 billion, or about €52 billion. Despite ongoing uncertainties related to geopolitical tensions and macroeconomic instability, the second half of the year saw increased demand, particularly driven by auction houses rather than traditional gallery sales. High-end artworks priced above $10 million were especially sought after, indicating a shift in buyer behavior toward premium pieces.

The positive atmosphere at Art Basel was echoed by Vincentio de Bellis, the artistic director and member of the executive team at the fair. He noted that although uncertainty and geopolitical factors continue to influence the market, there has been a noticeable increase in optimism over recent months. “We can’t deny the impact of uncertainty and geopolitical situations,” he said, “but we’ve seen more positivity than negativity in the art market in the past few months.”

In addition to traditional fine art, the fair also showcased a growing interest in digital art. A new section called Zero 10, introduced specifically to promote and sell digital artwork, attracted considerable attention. One of the highlights was a computer-generated simulation by John Gerrard, which was purchased by one of the most important collections of classical and contemporary art in the United States for $500,000. Noah Horowitz, the executive director of the fair, emphasized the importance of digital art as a forward-looking investment, noting that it reflects the tastes of a new generation of art enthusiasts who grew up with screens.

French artist William Mapan, whose works are created using programming techniques, shared his experience of seeing his digital art gain unprecedented popularity. His pieces, which previously went unnoticed, were all sold out within the first hour of the fair’s opening. Mapan described how the fusion of painting and programming could create a new language, suggesting that the boundaries between disciplines are becoming increasingly blurred.

As the fair continues through the weekend, it remains to be seen whether the momentum generated by these early sales will translate into sustained interest throughout the event. With the global economy still facing challenges, the performance of the art market will likely remain under close scrutiny. However, the success of Art Basel thus far suggests that confidence among collectors and investors is gradually returning, even amid lingering uncertainties.