UP

Basel opens with Picasso painting on sale for €28 million - Video

Home page Video
12 Punto 14 Punto 16 Punto 18 Punto

Art Basel, the world's premier art fair where the super-rich shop for Picassos, has opened in the Swiss city.

Axar.az reports citing Euronews.

This year, Picasso's Woman with Dog is on offer for €28 million, while Miró's Le Vol d'Oiseau is priced at €22m.

While stock markets have slowed globally, the ultra-high end of the art market has grown to €59 billion.

Clare McAndrew, an art market economist who writes the annual Art Basel global market report, said: "We have seen two years of consistent growth and it grew last year by about 6 per cent, so it has reached about $67 billion [€59 billion], so you can see by size alone that it does spark the interest of the kind of mainstream investment community."

Financial worries do not tend to affect the ultra-high end of the art market, says New York-based art advisor Todd Levin.

He said: "The truth is if you are worth a billion-plus dollars today, and the market corrects by 30%, then you are worth three-quarters of a billion dollars tomorrow. It is not really going to stymie you too much from going ahead and purchasing works if you so choose to."

Some 44% of all art sales in 2018 were made in the US, with the UK second on 21% and China on 19%.

Art Basel opened to invited guests and the press on June 11. The show opens to the public on June 13 and runs through June 16.

Date
2019.06.12 / 18:37
Author
Axar.az
Comments
See also

Armenian: My yard falls on the territory of Azerbaijan - Video

Ukraine destroyed a Russian military plane - Video

The flag of Azerbaijan was raised in New Caledonia - Video

PKK supporters attacked the airport in France - Video

The cadets prepared the ships for battle - Video

Acun buys a new football club - Video

An important conference in Geneva - Video

Nikol's crossing the street became the agenda - Video

The bridge where the cargo ship crashed collapsed - Video

Armenian stronghold was discovered in Aghdara - Video

Latest
Xocalı soyqırımı — 1992-ci il Bağla
Bize yazin Bağla
ArxivBağla