At Art Basel, a Nervy, Make-or-Break Mood
Scott Reyburn, THE NEW YORK TIMES
June 2026
A seven-hour video of an American eagle lying immobilized but awake on an operating table. A 13-foot-wide Henry Moore bronze sculpture that looks like it’s made out of solid gold. A philosophizing animatronic mouse.
These were just some of the highlights of the 56th annual edition of the Art Basel fair in Switzerland, the world’s largest fair for modern and contemporary art, which opened Thursday after two preview days for V.I.P. visitors.
For decades, the Art Basel group’s flagship home event in its international fair portfolio, which this year featured 290 galleries from 43 countries and territories, has been a must-attend fixture for the world’s most serious collectors. But this year’s Art Basel was held in challenging conditions for dealers. It had a nervy, make-or-break feel.
Earlier this month, Pace Gallery, one of the international art world’s four biggest dealerships, announced it was shedding 50 employees and 50 artists from its roster. Also this month, Tiwani Contemporary in London and Dépendance in Brussels shuttered, adding to the lengthening list of reputable contemporary galleries that have closed in the last couple of years. Auctions of major-name modern and contemporary art have been buoyant — last month’s modern and contemporary sales in New York grossed $2.5 billion — but business for dealers has been slower. And the costs of running galleries continues to rise.
“People are buying more cautiously and spending less,” said Alison Jacques, a London-based exhibitor at the fair. […]