Within the prevailing circumstances in Europe, heavily armed soldiers welcomed this edition of Art Basel. Secondary market works of very high quality filled most booths of the first floor. Works that generally are carefully selected by major auctions houses in NY and London but require months of consignment to be sold and paid for. It seems that Galleries and private dealers generate a more agile movement and account with very high sales results. The exhibitions of the most important ones, are worthy of top Museums. I also underline a strong return to modernism. Artists that were relegated for decades are resurfacing even in galleries that always had daring proposals. Perhaps it is a prudent step in turbulent times with prices reaching limits.

A new industry related to the art market is developing rapidly: high security vaults. They have well equipped spaces for exhibitions and private cubicles to show works. It is assumed that more than half of the works sold annually ends in this type of custodies. These are being built in strategic geographical locations: Monaco, Geneva (several) free zone, Delaware, Uruguay, Hong Kong, Singapore and shelter in their large extensions all kinds of valuables. Investment funds, banks that receive works as collateral, collectors who do not have enough space to exhibit them, gallery owners or simply investors, are using this service to manage their works. Some pass directly from auctions or fairs to these guarded premises without even going through the hands of their owners and allow their fast, assured and discrete movement.

While this is a practical pure trade solution, the true power of the arts is increasingly taking a backseat. Culture is a robust complex whose potential has no limits and is by far not elitist as it has been absurdly labeled... >> Read More

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