At this year's Art Basel, a contrasting narrative emerges in the art market, with opinions suggesting it's either in recalibration or freefall. The prevailing view, however, is that the fair presents an opportune moment for discerning buyers and strategic galleries. Philip Hoffman, of the Fine Art Group, emphasizes the rarity of current conditions, noting that although the quality of art is high, sales are slow and can close significantly under asking prices. Collectors are being granted more time for decisions, although discussions of discounts remain sensitive in the Swiss context.
"Now is the time to buy-it is the best time I have ever seen. While the quality of offerings at Art Basel this year is very good, sales are slow and expectations are modest."
"This 'buyer's market', which is what Hoffman and dozens of other advisers are terming our present moment, is primarily defined by a lack of urgency."
"Many discounts being granted in the under $1m price range, similar to what we saw in the Sotheby's and Christie's day sales, but people are not pulling the trigger quickly."
"Open discussion of discounts in staid Switzerland remains 'a taboo', according to the adviser Ellen De Schepper."
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