Despite global geopolitical tensions, including the war between Israel and Iran and turmoil in Ukraine, Art Basel's preview day experienced unexpectedly strong sales from major galleries. Thaddaeus Ropac celebrated multiple high-value sales including works by Georg Baselitz and Robert Rauschenberg, reflecting a cautious optimism in the art market. Larry Gagosian noted that art continues to attract interest across various price points as it serves as a refuge in uncertain times. David Zwirner also reported significant transactions, highlighting the resilience of the art market amid economic challenges.
Geopolitical factors can deter collectors from spending, yet Art Basel's preview day showed surprising sales for major dealers, indicating the art market's resilience.
Although geopolitical crises and economic uncertainties pose risks, significant sales highlighted a strong demand for art at Art Basel, defying broader trends.
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