Art Basel draws array of collectors and investors
Print Edition
THE halls of Art Basel, the world’s largest contemporary art fair, brim with elegantly dressed collectors all searching for something special — and, increasingly, financial investors just after a good deal.
The event opened 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.
“In a world where interest rates are very weak, people are looking for solid value” and are increasingly turning to art, said Juerg Zeltner, head of wealth management at Switzerland’s largest bank UBS.
The head of UBS’s art sponsorship, Peter Dillon, said the bank — a long-time backer of the fair and a collector with 30,000 pieces — tried to keep its finger on the pulse of the global art market.
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