Basel art fair may rake in $300million

The Swiss city of Basel became an art shoppers’ mall Tuesday, stocked with works by Pablo Picasso, Georg Baselitz and Damien Hirst. Collectors were expected to spend more than $300 million through Saturday, said Sam Keller, Art Basel’s director.

With 55,000 visitors to 300 stands, the world’s biggest modern and contemporary art fair is part of a $1.5-billion spring sale cycle, from New York’s May auctions to London’s this month. Early reports from dealers indicate buyers aren’t yet deterred by stock-market jitters from the U.S. to Russia.

“People aren’t even waiting to get to the fair before they buy a picture,” said dealer Thaddaeus Ropac at a party Monday hosted by NetJets Inc., owned by Warren Buffett’s Berkshire Hathaway Inc. Private views were to draw collectors from Basel’s Ernst Beyeler to Miami’s Craig Robins. Los Angeles billionaire Eli Broad said that he would send a curator from his art foundation.

When the fair opened to collectors, New York’s Barbara Gladstone sold four or five pieces in 30 minutes, she said, including a large 2006 Richard Prince collage, “I’m Not Sure,” featuring canceled checks.

Robins, a real-estate developer, said he will seek works by young Conceptual artists.

“Very often a dealer will let me know what they’ll be bringing, and I’ll reserve it or see it in advance,” Robins said. “There are always surprises at Basel. Last year, I found seven incredible erotic drawings by Marlene Dumas.”