Art Basel defies forecast of art market slowdown

A woman takes a picture of 'Onion Gum' (1983) by US artist Jean-Michel Basquiat (left) next to 'Untitled' (1982) by US artist Keith Haring at the Van de Weghe fine art gallery during the Art Basel fair for modern and contemporary art in Basel. Photo: AFP

The Art Basel contemporary art fair this week defied forecasts of a market slowdown, with wealthy collectors buying works with seven or eight-figure price tags.

At its VIP day on Tuesday, Zurich's Hauser and Wirth gallery sold a spider by Franco-American sculptor Louise Bourgeois for US$22.5mil (RM104mil).