ART BASEL IN BASEL 2025: A CAUTIOUS MARKET WITH A FOCUS ON VALUE AND QUALITY

A Market Driven by Selectivity and Strategy

Buyers came with a clear focus on price and quality—echoing the tone set during New York Art Week. Collectors are still active, but highly selective. Fiber art and women artists remain in demand, and sales continue to happen, but often at 20–30% below asking prices. As Philip Hoffman of the Fine Art Group put it: “Now is the time to buy—it is the best time I have ever seen.”

Galleries, aware of this shift, responded with diverse offerings and adjusted pricing strategies. Many avoided the risk of presenting a solo artist and instead opted for a broad mix of creators and price points, which - depending on the gallery’s profile- ranged from a few thousands to several million, aiming to appeal to a wider spectrum of collectors. The proportion of secondary-market works, modern art, and established artists was noticeably higher than in previous editions, another sign of how galleries are seeking safer bets in a more cautious climate.

Strong Offerings, Slower Closings
The quality of work on view at Art Basel was consistently strong, with blue-chip galleries bringing top material and many sales already lined up via PDFs before the fair even opened. Yet, in the absence of the swift decision-making often associated with American collectors, the atmosphere on the sales floor felt more subdued. As New York dealer Andrew Kreps put it, “Buyers from the US move faster. Without them, the temperature drops.”

This slower pace didn’t prevent major deals from being announced early—often as part of carefully orchestrated PR strategies. David Zwirner reported the sale of a Ruth Asawa sculpture for $9.5 million and a Gerhard Richter painting for $6.8 million, while Pace placed an Agnes Martin for over $4 million. Gladstone sold works by Keith Haring, Sigmar Polke, and Robert Rauschenberg, all in the $1–3 million range. The top publicly reported sale was Mid November Tunnel (2006) by David Hockney, placed by Annely Juda Fine Art for between $13 and $17 million—the only confirmed transaction above the $10 million mark.

Pace Gallery also presented a Picasso, Homme à la pipe assis et amour (1969), with a $30 million price tag—likely the highest at the fair. According to Ocula, the painting was sold privately before the opening. This reinforces the trend of galleries pre-selling top-tier works to established clients, bringing them to the fair more for visibility and positioning than for direct sales—raising the question of whether such high-value presentations still serve their original commercial purpose.

Among the standout sales of Latin American artists at Art Basel 2025 were an early untitled work by Carmen Herrera (1948), sold by Lisson Gallery for $800,000, and Clotho (2025) by María Berrío, placed by Hauser & Wirth for $250,000. Both transactions reflect the sustained interest in established artists and female voices in the global market. Other notable sales included two paintings by Lucas Arruda ($250,000), a work by Lygia Pape ($240,000), and pieces by Dalton Paula, Cecilia Vicuña, Gabriel Orozco, Pedro Reyes, among others. [see full list at the end of the article]

It’s also worth noting that sales data at Art Basel are self-reported by galleries, with varying levels of transparency. Many dealers disclose only price ranges and refrain from naming specific works or mediums. Still, over 30 transactions were reported in the $1–10 million bracket, with many more below that. At the other end of the spectrum, the lowest reported price was just $1,380 for Wei Libo, Pure Goodness (Poire de Neige) 2 (2025), sold by Galerie Sans Titre—an unusually modest figure at a fair known for its top-tier positioning. A Telling Shift Toward the Lower End.

In fact, despite the high-profile sales, much of the real activity happened in the lower tiers. As prices at the top end remain inflated, many buyers are turning to more accessible segments. With works under $200,000 drawing consistent interest.

This broadening of the lower-price market, coupled with a retreat from speculative buying, signals a more sustainable, if quieter, period for the trade. Galleries with flexible pricing and curated booths across price points appear to be best positioned for success.

Basel vs. Paris and Other Fair Models
Art Basel in Basel continues to set the benchmark for quality and focus in the international fair circuit. Galleries bring their best material, and the fair retains its reputation as the place for serious collecting. Yet the growing appeal of the Paris edition cannot be ignored. With its rich offer of top-tier hotels, restaurants, and major museum exhibitions, the French capital has become especially attractive to U.S. and Asian clients who now account for well over 60% of buyers. While Basel stands out for its curatorial rigor and market depth, Paris increasingly dominates on the experiential front. “Isn’t the point of a fair the exclusive events and the atmosphere?” asked one dealer. From that perspective, Basel may be at risk of being outshone.

Several satellite fairs -Liste, Volta, and Basel Social Club - added energy to the Basel art week, drawing younger crowds with performances, installations, and more accessible price points. While these events offer a welcome counterpoint to the more established presentations at the Messeplatz, one might still ask: is it worth traveling to Basel for programming that now mirrors what can be found at many other fairs around the world?

Conclusion: A Market Rebalancing

Art Basel Basel 2025 revealed a market in the midst of recalibration: the atmosphere was lively and professional, but buying decisions were marked by greater caution. The overall approach was more measured and strategic, though the core pillars—quality, strong presentations, and adjusted pricing—remained firmly in place. While the buying frenzy may be over, serious collectors are still active, and those who are buying, are buying smart.

__________________________________________________________________________

List of Sales by Latin American, Spanish, and Portuguese Artists
The following list includes only a selection of sales by Latin American, Spanish, and Portuguese artists publicly reported by galleries, and is extracted from an article published by Artnet News Pro.

• $800,000: Carmen Herrera, Untitled (1948) at Lisson Gallery – Cuba/USA
• $345,000: Miquel Barceló, Cuatro Nubes (2025) at Thaddaeus Ropac – Spain
• $316,250: Miquel Barceló, Untitled (2024) at Thaddaeus Ropac – Spain
• $250,000: María Berrío, Clotho (2025) at Hauser & Wirth – Colombia
• $250,000: Lucas Arruda, two paintings at David Zwirner – Brazil
• $240,000: Lygia Pape, Desenho (Drawing) (1960) at White Cube – Brazil
• $200,000–$250,000: Cecilia Vicuña, Jaguar I (2025/1978) at Lehmann Maupin – Chile
• $200,000: Dalton Paula, Xica Manicongo (2025) at Lisson Gallery – Brazil
• $200,000: Dalton Paula, Aqualtune (2025) at Lisson Gallery – Brazil
• $190,000: Gabriel Orozco, Suisai byōbu II (2019) at Galerie Chantal Crousel – Mexico
• $185,000: Cecilia Vicuña, Dar ver Cacaxtla (2023) at Xavier Hufkens – Chile
• $126,500: Jaume Plensa, Hortense in Slumberland (2021) at Galerie Lelong & Co. – Spain
• $109,250: Jaume Plensa, Hortense in Slumberland (2021) at Galerie Lelong & Co. – Spain
• $103,500: Claudia Martinez Garay, Conversiones (2025), Unlimited section at GRIMM – Peru
• $100,000: José Antônio da Silva, Untitled (1972) at 303 Gallery – Brazil
• $100,000: Pedro Reyes, Yollotl (2025) at Lisson Gallery – Mexico
• $80,000: José Antônio da Silva, Queimada (1950), Feature section at 303 Gallery – Brazil
• $80,000: Elda Cerrato, El Resultado de Mal Comunicación (1967) at Galerie Lelong & Co. – Argentina
• $80,000: Elda Cerrato, Encuentro (1967–70) at Galerie Lelong & Co. – Argentina
• $80,000: Elda Cerrato, Despolarización Mutua… (1971) at Galerie Lelong & Co. – Argentina
• $60,000–$80,000: Ernesto Neto, Terra vida céu (2022) at Fortes D’Aloia & Gabriel – Brazil
• $60,000: José Antônio da Silva, Untitled (1977), Feature section at 303 Gallery – Brazil
• $50,000–$70,000: Leda Catunda, Terra dourada II (2025) at Fortes D’Aloia & Gabriel – Brazil
• $46,000: Francisco Tropa, Concha (2025) at Galerie Jocelyn Wolff – Portugal
• $34,500–$46,000: Pilar Albarracín, Garzas (2023) at Galerie Georges-Philippe & Nathalie Vallois – Spain
• $20,000–$30,000: Rodrigo Cass, Sinais e Passagens / Signs and Passages (2025) at Fortes D’Aloia & Gabriel – Brazil

*Cover image: Courtesy of Art Basel