Art Basel has introduced booth-fee discounts for first- and second-time exhibitors at its fairs, offering 20% off for first-year participants and 10% for second-year participants. The policy, confirmed by chief artistic officer Vincenzo de Bellis, has been in place since Art Basel Miami Beach in 2021 and applies to all Art Basel fairs in Switzerland, Hong Kong, and Miami Beach, with a new edition launching in Qatar. Starting in 2026, discounts will increase to 25% and 15% respectively.
The discounts come amid a challenging art market, with global art sales falling 12% to $57.5 billion in 2024 and 46% of galleries spending around $40,000 per fair. The initiative is seen as a rare gesture of financial relief for emerging galleries facing high participation costs, shipping expenses, and tariffs. While some view it as a strategic move to sustain the fair's pipeline of new exhibitors, it also signals recognition of the unsustainable financial pressures on smaller galleries in the current market.