Basel Fair Readies $4 Billion in Art for International Buyers

  • June 15, 2014 22:49

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"Self-portrait" (1986) by Andy Warhol
Skarstedt Gallery via Bloomberg

Russian, Chinese and Middle Eastern collectors are expected in growing numbers to attend Art Basel this week in Switzerland. Tempting international billionaires are blue-chip modern and contemporary artworks from 285 exhibitors.

Among the highlights is a $35 million Andy Warhol self-portrait offered by Skarstedt.  “Montcalm Pool, Los Angeles” by David Hockney will be offered by Richard Gray Gallery for $1.75 million, and a $15 million Willen de Kooning titled “Woman (Arthur’s Woman)” from Edward Tyler Nahem Fine Art.

The total value of the art at this 45th edition of the fair is up 128.6 percent from 2011, when the estimate came to about $1.75 billion, according to insurer Hiscox. This year, Axa Art pins the range at between 2 billion euros ($2.7 billion ) and 3 billion ($4 billion) euros.

Read more at Bloomberg


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