{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Opening of Art Basel contemporary art fair' data-url='/boclips/videos/5c54d7b3d8eafeecae20e049' data-video-url='/boclips/videos/5c54d7b3d8eafeecae20e049' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nOpening of Art Basel contemporary art fair\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eLEADIN:              Art Basel - the world's premier contemporary art fair - has opened in Basel, Switzerland following a year of strong art sales in 2017.              This year it is estimated that art worth 2.5-3 billion Euro, with...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eLEADIN:\u003cbr/\u003e              Art Basel - the world's premier contemporary art fair - has opened in Basel, Switzerland following a year of strong art sales in 2017.\u003cbr/\u003e              This year it is estimated that art worth 2.5-3 billion Euro, with works from Joan Miro, Pablo Picasso and Joan Mitchell expected to fetch multi-million US dollar prices.\u003cbr/\u003e              STORYLINE:\u003cbr/\u003e              This large colourful glass mosaic is one of the stars of Art Basel contemporary art fair in the Swiss city of Basel.\u003cbr/\u003e              It is called \"Personnage Oiseaux\" and was made by Spanish artist Joan Miro in 1976.\u003cbr/\u003e              It now hangs at the front wall of the New York-based gallerist Helly Nahmad's Art Basel booth.\u003cbr/\u003e              The price tag, 25-million US dollars, according to the gallery.\u003cbr/\u003e              At the booth of another New York-based gallery, David Zwirner, a large abstract oil painting by Joan Mitchell is drawing crowds.\u003cbr/\u003e              This untitled painting, made in 1958, by the American artist, has a price tag of 7.5-million US dollars.\u003cbr/\u003e              Art Basel is the world's premier contemporary art fair and it draws collectors and galleries from around the globe.\u003cbr/\u003e              AXA ART, an international art insurer, estimates the value of art on offer at Art Basel in Basel this year to be in excess of 2.5 to 3 billion Euro.\u003cbr/\u003e              And after a few years of declining sales, the art market picking up pace.\u003cbr/\u003e              According to an annual Art Basel report on the contemporary art market, written by Clare McAndrew, sales increased by 12 percent in 2016 compared to the year before, reaching 63.7-billion US dollars.\u003cbr/\u003e              So don't mention the word \"bubble\" here.\u003cbr/\u003e              \"I don't feel like we are in a bubble,\" says New York based independent art advisor Lisa Schiff.\u003cbr/\u003e              \"It is not like everything is selling….It is not easy to close a sale. I can't just snap my fingers and its done. You know it is quality, it is time. So I feel like the market is healthy.\"\u003cbr/\u003e              According to the same report the three largest contemporary art markets in 2017 where the US, China and the UK. The three countries accounted for 83 percent of global contemporary art sales.\u003cbr/\u003e              According to the survey, some 35 percent of high net individuals - people with more than one million US dollars saved - were active in the art market.\u003cbr/\u003e              But only one percent of those individuals bought art pieces for prices higher than one million US dollars.\u003cbr/\u003e              For those high net worth people, the talk of trade wars or global tensions are not likely going to have an impact on the buying or selling of art.\u003cbr/\u003e              \"There might be dark clouds on the horizon in general economic terms,\" says New York-based independent art advisor Todd Levin.\u003cbr/\u003e              \"However, the point is that even if those clouds start to thunderstorm the very high-net worth individuals still continue to collect and trade art. At their level they are untouchable.\"\u003cbr/\u003e              Also shown at the fair is a hanging metallic sculpture by Louise Bourgeoise, made in 2004 and shown by the gallery Cheim \u0026amp; Read\u003cbr/\u003e              The price tag for this sculpture is 2.5 million US dollars.\u003cbr/\u003e              \"It is the most important fair bar none. It is the gold standard of how the art world is. Who is here? What are you showing. Literally people  put things aside the whole year and save them just for this experience. There is nothing that compare,\" says partner at Cheim \u0026amp; Read, Adam Sheffer.\u003cbr/\u003e              Art Basel has been running annually since 1970.\u003cbr/\u003e              The first two days of the fair is held exclusively for invited collectors and the press.\u003cbr/\u003e              On the morning of the first day, only selected VIP guests are allowed to browse through the booths. This is the time when most sales are done.\u003cbr/\u003e              Also shown is a large colourful painting by Kerry James Marshall, now considered to be the most expensive African-American artist.\u003cbr/\u003e              In it a black couple are standing in the middle of the picture, talking while surrounded by trees, flowers and green grass.\u003cbr/\u003e              Many of the collectors buy art as an investment, something Schiff says is a long term investment.\u003cbr/\u003e              \"I think art is much more valuable as a held asset than it is as an actively traded asset,\" she says.\u003cbr/\u003e              In the Art Basel Unlimited hall works that are too large for the normal booths are shown.\u003cbr/\u003e              This year a large light sculpture, made from LED light strips, called 'Neon Forms' by Cerith Wyn Evans hangs in the middle of the hall.\u003cbr/\u003e              According to Todd Levin, galleries are becoming larger and offering more expensive art, with the middle of the market slowly disappearing.\u003cbr/\u003e              \"What we are seeing is an eradication of the mid-level galleries. Most of the galleries now that are here are extremely large and powerful galleries. Many of the smaller galleries have been lost. or been consolidated in to larger galleries,\" he says.\u003cbr/\u003e              Art Basel Opens to the public on 14 June 2018 and runs through until 17 June 2018.\u003cbr/\u003e            \u003cbr/\u003e\u003cbr/\u003e              Basel, Switzerland - 12 June 2018\u003cbr/\u003e              1. Various of painting \"Personnage Oiseaux\" by Joan Miro (1976), shown at Helly Nahmad gallery booth for 25-million US dollars \u003cbr/\u003e              2. Various of people looking at art \u003cbr/\u003e              3. Various of \"Untitled\" by Joan Mitchell (1958), shown at David Zwirner gallery booth for 7.5-million US dollars \u003cbr/\u003e              4. SOUNDBITE: (English), Lisa Schiff, Art advisor, Schiff Fine Art:\u003cbr/\u003e              \"I don't feel like we are in a bubble. It is not like everything is selling. It appears that way in the news, because you see the numbers at auctions and half a billion dollars for a Leonardo Da Vinci. But in fact actually, it seems healthy to me. it is not easy to close a sale. I can't just snap my fingers and its done. You know it is quality, it is time. So I feel like the market is healthy.\"\u003cbr/\u003e              5. People looking at painting\u003cbr/\u003e              6. Various of \"Mousquetaire et femme a la fleur\" by Pablo Picasso (1967), shown at Helly Nahmad gallery booth for 18-million US dollars \u003cbr/\u003e              7. Various of \"Le peintre et son modele\" by Pablo Picasso (1963), shown at Helly Nahmad gallery booth for 11-million US dollars \u003cbr/\u003e              8. SOUNDBITE: (English), Todd Levin, Art advisor, Levin Art Group:\u003cbr/\u003e              \"There might be dark clouds on the horizon in general economic terms. We are not going to go in to that right now. However, the point is that even if those clouds start to thunderstorm, the very high-net worth individuals still continue to collect and trade art. At their level they are untouchable.\"\u003cbr/\u003e              9. Various of \"Untitled\" by Louise Bourgeoise (2004), shown at Cheim and Read for 2.5-million US dollars \u003cbr/\u003e              10. SOUNDBITE: (English), Adam Sheffer, Partner at Cheim \u0026amp; Read:\u003cbr/\u003e              \"It is the most important fair bar none. It is the gold standard of how the art world is. Who is here? What are you showing? Literally people put things aside the whole year and save them just for this experience. There is nothing that compare.\"\u003cbr/\u003e              11.  Various of \"Vignette 12\" by Kerry James Marshall (2008), shown at the David Zwirner gallery for an undisclosed price \u003cbr/\u003e              12. Various of \"You must have fell and hit your head\" by Mark Bradford (2001), shown at the Mnuchin gallery booth for an undisclosed sum \u003cbr/\u003e              13. Various of people at fair\u003cbr/\u003e              14. SOUNDBITE: (English), Lisa Schiff, Art advisor, Schiff Fine Art:\u003cbr/\u003e              \"I think art is much more valuable as a held asset than it is as an actively traded asset.\"\u003cbr/\u003e              15. Entrance to Art Basel Unlimited, where large sculptures and installations are shown \u003cbr/\u003e              16. Various of \"Neon Forms\" by Cerith Wyn Evans (2015), shown by the White Cube gallery \u003cbr/\u003e              17. Various of \"Bathers on Ogygia\" by Paul Chan (2018), shown by the Greene Naftali gallery \u003cbr/\u003e              18. Various of \"Untitled\" by Claude Viallat (1980), shown by the Templon gallery \u003cbr/\u003e              19. Various of \"Tumba Abierta III\" by Jose Yaque (2018), shown by the Continua gallery \u003cbr/\u003e              20. SOUNDBITE: (English), Todd Levin, Art advisor, Levin Art Group:\u003cbr/\u003e              \"What we are seeing is an eradication of the mid-level galleries. Most of the galleries now that are here are extremely large and powerful galleries. Many of the smaller galleries have been lost or been consolidated into larger galleries.\"\u003cbr/\u003e              21. Wide of \"Untitled\" by Fred Sandback (1982/2011), shown by David Zwirner gallery \u003cbr/\u003e              22. Various of \"Tiger Tiger Tiger\" by Ai Weiwei (2015), shown by the Lisson gallery \u003cbr/\u003e              23. 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