Major international galleries reported unexpectedly strong sales on the preview day of Art Basel, despite geopolitical tensions, stock market volatility, and uncertainty over US tariffs. Thaddaeus Ropac sold works by Georg Baselitz, James Rosenquist, and Robert Rauschenberg, while Gagosian, David Zwirner, Pace, and Hauser & Wirth also reported multimillion-dollar sales, including a Ruth Asawa sculpture for $9.5 million and a Pablo Picasso painting priced at $30 million. Many dealers expressed surprise at the speed and volume of sales, which defied the broader international environment.
This resilience underscores Art Basel's continued dominance as the world's leading art fair and suggests that high-net-worth collectors and institutions remain active buyers even amid economic and geopolitical uncertainty. The strong sales provide a much-needed boost of confidence for the art market, which had faced a more difficult period at fairs in New York the previous month. The results also highlight the enduring appeal of blue-chip and contemporary works as alternative assets and cultural investments.