0533 GMT October 22, 2019
This year, Picasso's ‘Woman with Dog’ is on offer for €28 million, while Miró’s Le Vol d’Oiseau is priced at €22 million, euronews.com reported.
While stock markets have slowed globally, the ultrahigh end of the art market has grown to €59 billion.
Clare McAndrew, an art market economist who writes the annual Art Basel global market report, said, “We have seen two years of consistent growth and it grew last year by about six percent, so it has reached about $67 billion [€59 billion], so you can see by size alone that it does spark the interest of the kind of mainstream investment community.”
Financial worries do not tend to affect the ultrahigh end of the art market, said New York-based art advisor, Todd Levin.
He said, "The truth is if you are worth a billion-plus dollars today, and the market corrects by 30 percent, then you are worth three-quarters of a billion dollars tomorrow. It is not really going to stymie you too much from going ahead and purchasing works if you so choose to."
Some 44 percent of all art sales in 2018 were made in the US, with the UK second on 21 percent and China on 19 percent.
Art Basel opens to the public today and runs through June 16.