About this episode
An art industry ritual returned after an unprecedented hiatus: on a Monday evening last week, art advisors, dealers, and collectors ceremoniously filed into the formidable fairgrounds of Switzerland’s Art Basel. The premier art fair’s 50th edition was set to take place across a balmy week in June 2020, but it slid back nearly a year and half, its plans marred by a raging public health crisis, limitations on travel, and restrictions on events and gatherings. After so much uncertainty about the state of the art market, more than 270 dealers calculated their risks and ultimately took a leap of faith and brought the best of their rosters to the Rhine. It seems the gambit really paid off—by the late afternoon on preview day, gallerists seemed to really exhale for the first time in months or even a year. Was it business as usual? Yes and no. The event ran with incredible smoothness, with no issues save for a few spats on Twitter over whether the absence of US collectors was a boon for European deal-making or not. Restaurants were booked out across town for lavish dinners, but being on the guest list wasnt the only prerequisite—proof of vaccination as required. Sales were strong, but not quite like the old days. And NFTs made a flashy debut. On the whole, everyone seemed deeply relieved to be back in their booths or perusing the aisles. Artnet News's Europe Editor Kate Brown was joined in Basel by European Market Editor, Naomi Rea and Senior Market Editor, Eileen Kinsella to take the temperature of the scene.