Art Basel's 2021 Recovery Under Murdoch and Spiegler

Art Basel's parent company MCH faced financial struggles before the pandemic, which were exacerbated when its Hong Kong, Basel, and Miami fairs were canceled or moved online, leading to a 10% staff reduction at Art Basel. The 2021 fairs were critical for recovery, with global director Marc Spiegler securing backing from James Murdoch's Lupa Systems, MCH's anchor shareholder. The delayed Hong Kong edition proceeded smoothly, a relief given Spiegler's promise of full refunds if canceled. The Swiss fair was considered a slow but steady success despite fewer American collectors. To attract 272 galleries, Spiegler offered a 10% discount, coverage for hotel quarantines, and a CHF 1.5 million solidarity relief fund for galleries with poor sales, which 97 galleries utilized. Miami's return featured 254 exhibitors, similar to pre-pandemic levels. Murdoch's involvement extends beyond Art Basel, with a recent investment in an art-focused NFT marketplace.