Art Basel, one of the art market's biggest fairs, saw strong sales for top works but the art world is asking how it can support the "squeezed middle". The fair is now experiencing lower footfall and increased exhibitor cost, creating concerns about the gap between the top end and the middle market. "The market has been hit by a number of factors, including rising oil prices, which have pushed up prices in many parts of the world," said Simon Johnson, head of Sotheby's international sales. over $10m have gained 150% in value while those under $1m have fallen. “It’s like that magnificent moment,” said Dominique Levy of Levy Gorvy which sold Mitchell’s untitled 1959 work. The report also said online sales have grown 72% in five years, presenting opportunities for the market's lower end.
Art Basel, one of the art market's biggest fairs, saw strong sales for top works but the art world is asking how it can support the "squeezed middle". The fair is now experiencing lower footfall and increased exhibitor cost, creating concerns about the gap between the top end and the middle market. "The market has been hit by a number of factors, including rising oil prices, which have pushed up prices in many parts of the world," said Simon Johnson, head of Sotheby's international sales. over $10m have gained 150% in value while those under $1m have fallen. The report also said online sales have grown 72% in five years, presenting opportunities for the market's lower end.