Art Basel's 2026 VIP preview day saw significantly stronger sales than the previous year, with Hauser & Wirth leading the top sale at $35 million for a Pablo Picasso painting. Dealers reported brisk activity but cautioned that the market remains measured, not returning to post-Covid speculative frenzy. Gagosian sold a Willem de Kooning for a high seven-figure sum, while Pace Gallery moved about 20 pieces, mostly contemporary works. However, some works like Henry Moore's monumental bronze remained unsold by day's end.
The strong opening reflects a market recovering from a challenging correction period, buoyed by a robust May auction season. Yet the day also highlighted growing disparities: a 'go-big-or-go-home' attitude left the middle market underserved, with most offerings either above $2 million or below $150,000. Contemporary works by established living artists performed well, but questions persist about how younger artists will fare amid gallery closures. The fair signals cautious optimism but not a full return to boom-era buying.