Collectors, and bankers, flock to Art Basel

By Nina Larson, AFP

BASEL, Switzerland — The halls of Art Basel, the world’s largest contemporary art fair, brim with elegantly dressed collectors all searching for something special �X and, increasingly, financial investors just after a good deal. The event opens to the public on Thursday, but special VIPs got an advance peek at the vast array of artworks by 20th century masters like Picasso, Calder and Warhol, mixed in with today’s cutting edge creations, on Tuesday. The fair, which last year drew nearly 100,000 visitors from around the world, attracts representatives from museums, large and smaller-scale private collectors and a growing crowd of financial buyers looking for a savvy investment. Seated among plush cushions in Art Basel’s luxurious VIP lounge, the head of UBS’s art sponsorship, Peter Dillon, said the bank �X a long-time backer of the fair and a collector with 30,000 pieces to its name �X tried to keep its finger on the pulse of the global art market. But not everyone appreciates the detached investor’s take on art exhibited at the fair. ��People are shopping … It’s heightened commerciality on an extreme level,�� renowned British artist Tracey Emin told AFP. ��I don’t like people who buy the work and then flip it,�� she said, standing next to a large printed sketch of what looked like a rape scene with the words ��Is this a joke�� written above it �X one of three of her works on display at the Lehmann Maupin booth.

Art Basel director Marc Spiegler also advised against buying works purely with an eye on financial returns. ��My advice for people who want to invest in the art market is buy works that you like, because that way, even if it loses value, you have a work that you like,�� he told AFP. Not Just a Quick Buck That said, there are hefty profits to be made in a sector that is seeing auction prices go through the roof. Picasso’s ��The Women of Algiers,�� for instance, sold for a record US$179 million at a Christies auction in London last month, six times what it went for in 1997.

The Art Basel show this year also boasts a number of pricey masterpieces, including a Mark Rothko at the Helly Nahmad gallery booth, carrying a price tag of US$50 million. While the show is important, Spiegler said the value of all the works combined there was ��only�� around US$2.0 billion, a fraction of the estimated US$51-billion global annual art market.