Art Basel's flagship Swiss fair reported strong sales despite a slower pace and thinner collector attendance, with major transactions including a Gerhard Richter for $20 million and a 1963 Picasso for $35 million at Hauser & Wirth, a David Hockney for $8.5 million at Gray, and a Willem de Kooning for a high-seven-figure sum at Gagosian. The fair's new 'Basel Exclusive' initiative, which withheld works from PDF previews to spark interest, generated sales across multiple galleries, including a Picasso for $6 million at Almine Rech and an Elizabeth Peyton for $1.2 million at David Zwirner.
The article argues that Art Basel's main competitor is itself, drawing a parallel to the Coca-Cola brand's internal rivalry between Diet Coke and Coke Zero. The flagship Swiss fair's preeminence is being challenged by Art Basel Paris, which launched in 2022 and expanded in 2024, offering a smoother, more accessible experience that attracts both new and established collectors. This internal competition, combined with a notable decline in American collector attendance at the Swiss fair, signals a strategic conundrum for the world's leading art-fair group as it navigates post-pandemic market shifts.