Multimillion-Dollar Works by Iconic Artists Showcased at Art Basel Fair in Switzerland

The Art Basel exhibition center saw thousands of guests for VIP previews before opening to the public. Sales in the art market fell by 4% in 2023 to an estimated $65 billion due to high interest rates, inflation, and political instability. Sales were slower at the top end of the market, with a decline in NFT sales outside the art market. Despite this, there is still enthusiasm, and transaction volume grew by 4% in 2023. Experts suggest the market is cooling rather than crashing, with people reflecting more but remaining active. Overall, the art market has shown resilience despite challenges.