Art Basel is set to host over 290 galleries globally, embracing a hopeful outlook amid economic challenges. Director Maike Cruse emphasizes confidence in the art market, noting an increase in transactions among lower and middle market segments. The introduction of a new section, Premiere, showcases ultra-contemporary works to appeal to younger collectors. Additionally, new EU tax incentives on art purchases may further enhance sales opportunities for participating galleries, particularly those based in the EU.
"We are very confident in the art market's resilience. The mood with galleries and collectors seems very optimistic," says Cruse, who joined Art Basel in 2023.
The Art Basel and UBS Art Market Report 2025 found that while global art sales were down by 12% last year, the middle and low segments of the market saw an uptick in transactions.
New European Union tax breaks on some art purchases could also help boost sales at the fair for some dealers.
Art Basel is appealing to new collectors with a fair section dedicated to ultra-contemporary work made within the past five years.
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