Art Basel 2026 Opens Amid Market Correction and Gallery Closures

The 56th edition of Art Basel in Switzerland opened on Thursday after two VIP preview days, featuring 290 galleries from 43 countries. Highlights included a seven-hour video of an immobilized eagle, a 13-foot Henry Moore bronze sculpture, and an animatronic mouse. The fair, flagship of the Art Basel group, took place under challenging market conditions, with a nervy, make-or-break atmosphere. Earlier this month, Pace Gallery cut 50 employees and 50 artists. Tiwani Contemporary in London and Dépendance in Brussels closed, joining a growing list of shuttered galleries. While major-name auctions remain buoyant—New York modern and contemporary sales grossed $2.5 billion last month—dealer business has slowed and costs continue to rise. London exhibitor Alison Jacques noted buyers are more cautious and spending less, adding that young artist prices had become too high and a correction was needed. The speculative frenzy of the early 2020s, when auction resales of works by artists under 40 soared to $306 million in 2022, has collapsed to $48 million in 2025, according to Artprice.