Art Basel has quietly cancelled the Baloise Art Prize, a long-running award for emerging artists in the fair's Statements section, without prior notice to participating galleries. Since 1999, the Swiss insurer Baloise sponsored the prize, awarding two solo presentations SFr30,000 each and donating the works to leading European museums. Dealers learned of the cancellation only days before the fair opened, and even some selection committee members were unaware. Baloise merged with Helvetia in 2023, forming Helvetia Baloise Holdings, which is cutting 2,600 jobs. Art Basel expressed gratitude to Baloise but did not confirm plans to reinstate the award, instead pointing to other emerging artist initiatives like the MGM Discoveries Prize and the Art Basel Awards.
The cancellation matters because the Baloise Art Prize was a significant launchpad for emerging artists, with past winners including Ryan Gander and Haegue Yang. Its quiet end, without replacement funding or advance notice, has frustrated dealers who incurred extra costs preparing for the prize committee's visits. The move reflects broader corporate consolidation in the insurance sector and raises questions about Art Basel's commitment to supporting emerging galleries and artists, especially as the fair promotes other awards but leaves a gap in its flagship Basel edition.