Art Basel 2023: Italian galleries report sales and market trends

Art Basel 2023 in Basel concluded with over 280 galleries and 4,000 artists. Italian galleries reported mixed results: Raffaella Cortese sold works by Francesco Arena (€15,000–20,000), Monica Bonvicini (€50,000–60,000), Roni Horn (around €100,000), and Zoe Leonard (€70,000–80,000). Massimo De Carlo sold out Yan Pei-Ming ($300,000–480,000) and Spencer Lewis ($65,000–110,000), plus a Shannon Cartier Lucy to an institution for $90,000. Alfonso Artiaco noted a more reflective collector base, with sales of LeWitt, Janssens, Tursic & Mille, and François. Blue-chip sales dominated: Hauser & Wirth sold Louise Bourgeois' Spider VI for $22.5 million; David Zwirner sold a Gerhard Richter from Unlimited for $2.5 million and a Barbara Kruger video-installation for $1.3 million (with Sprüth Magers). A Mark Rothko at Acquavella for $60 million remained unsold. Gallerists observed a slowdown in decision-making, with fewer American collectors but a return of Asian buyers. David Zwirner announced it will no longer disclose secondary market prices. The Basel Social Club returned for a second edition. Italian galleries noted strong European attendance, especially Swiss and Belgian.