Thousands flock to Art Basel in Switzerland as market outlook improves

Switzerland welcomed thousands of collectors, dealers and artists to Basel on 16 June as Art Basel opened its VIP preview days, with the fair drawing close attention as a possible sign of renewed confidence in the global art market after several difficult years.

Works by leading figures including Henry Moore, Pablo Picasso, Andy Warhol and David Hockney drew significant attention throughout the fair. Organisers said growing attendance and renewed demand from international buyers pointed to improving market sentiment. Bringing together around 4,000 artists, Art Basel remains one of the most influential events on the global art calendar.

According to the Art Basel and UBS Global Art Market Report, worldwide art sales rose by 4 per cent in 2025 to nearly 60 billion dollars after two consecutive years of decline. Art Basel chief executive Noah Horowitz described the trend as a "K-shaped recovery", with the strongest growth concentrated in works valued above 10 million dollars, while the mid-market continues to adjust.

The fair also reflects a broader return to face-to-face transactions. Art fairs now account for 35 per cent of dealer turnover, underlining their continuing importance in the sector. This year's edition carries added emotional significance following the recent death of British artist David Hockney, whose works are on display alongside large-scale installations featured in the fair's renowned Unlimited sector.