{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Art business is still booming in Basel for theworld\u0026#39;s premier art fair.' data-url='/boclips/videos/5c54bef6d8eafeecae13f92b' data-video-url='/boclips/videos/5c54bef6d8eafeecae13f92b' 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\nArt business is still booming in Basel for theworld\u0026#39;s premier 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'\u003eThis self-portrait by Andy Warhol was sold on the first day of Art Basel, the world's premier Art Fair.The price tag was undisclosed but the New York-based gallery Skarsted that made the sale said it sold \"somewhere in the region of...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eThis self-portrait by Andy Warhol was sold on the first day of Art Basel, the world's premier Art Fair.\u003cbr/\u003eThe price tag was undisclosed but the New York-based gallery Skarsted that made the sale said it sold \"somewhere in the region of 35-million dollars\". \u003cbr/\u003eIt's expected to be the highest sale this year.\u003cbr/\u003eBut it's far from being the only expensive piece of art on show.\u003cbr/\u003eAnother New York based art dealer, the Helly Nahmad gallery, is showing two pictures by Pablo Picasso, each valued at $25-million USD.\u003cbr/\u003ePicassos \"Le Couple\" from 1969 shows a partially nude couple having sex. \u003cbr/\u003eAround 4-thousand pieces of work, from 285 galleries, are shown at Art Basel in the Swiss city Basel.\u003cbr/\u003eWorks by abstract expressionist painter Willem De Kooning are likely to draw high prices.\u003cbr/\u003eNew York gallery Edward Tyler Nahem is asking $15-million USD for De Kooning's 1969 masterpiece \"Arthur's woman\"\u003cbr/\u003eSpanish painter Joan Miro's \"Composition\" from 1933 is expected to fetch $16-million USD. \u003cbr/\u003eMiro's mobile installations have a guide price of between three and five million dollars USD.\u003cbr/\u003eIf you have plenty of money, you won't have any problems spending it at Art Basel.\u003cbr/\u003eAccording to US-based insurer Axa Art, there is about 4-billion dollars worth of art on show.     \u003cbr/\u003eAnd as New York based art analyst Todd Levin explains, prices keep rising:\u003cbr/\u003e\"This year there is approximately 4-billion dollars worth of art on display, for sale. And that is up since 2011 by about 120 percent in terms of the total value of the fair,\" he says.\u003cbr/\u003eThe gallery Mnuchin offers a ten-piece stack by US artist Donald Judd for $4.5-million USD.\u003cbr/\u003eFor the more budget minded collector, \"Cage Grid\" by German artist Gerhard Richter is available for around 1.5-million USD.\u003cbr/\u003eBut why does art prices keep going up year after year? Simple economics according to Levin.\u003cbr/\u003e\"It is not necessarily that the art is any better or worse than it has been. And it is not because the collectors are any smarter or dumber.\u003cbr/\u003eIt really has to do with a case of increased demand. The collectors have a tremendous amount of excess wealth. And they need to put that surplus capital to work. And, for better or worse, they seem to feel now that art is a good place to put a tremendous amount of their excess capital,\" he says.\u003cbr/\u003eThe increasing number of millionaires in Asia has helped drive demand for art. \u003cbr/\u003eThe director of Art Basel, Marc Spiegler, also points to a global expansion of the art market as a reason for rising prices.\u003cbr/\u003e\"I think the market is more international than it was. I think people that used to collect only in their region now also collect art from all over the world. We have a lot of new people coming in to the game with different degrees of speed and engagement. So it is a great moment for the art market,\" he says.\u003cbr/\u003eBut there is also relatively affordable art available at Art Basel.\u003cbr/\u003eSome pieces start at a few thousand dollars USD.\u003cbr/\u003eAn installation by Irish artist Claire Morgan, using free hanging dandelion seeds and threads is offered by Galerie Karsten Greve for 47-thousand dollars.\u003cbr/\u003eSao Paolo based gallery director Maria Quiroga has been coming to Art Basel for nearly 20-years.\u003cbr/\u003eShe says the increase in art demand and prices is because the art market is becoming more efficient and more people are now interested in art:\u003cbr/\u003e\"The art market has become very professional,\" she says.\u003cbr/\u003e\"And it does so really quickly. You see more openings, more artists, more fairs, more exhibitions, more people dealing, more curators, more advisors, more clients. So in a way I think it has become something more democratic and also something that has become much more appealing. So I would say that in that sense it has become an activity that is open to the wide audience.\"\u003cbr/\u003eSome public institutions are buying pieces at Art Basel but the main market is private collectors.\u003cbr/\u003eIt means most of the sold works will be hung in private homes, or stored away in safes while their values continue to rise.\u003cbr/\u003eArt adviser Todd Levin says there is still enough art in circulation to keep public institutions filled, but many works by well known artists are hidden from public view. \u003cbr/\u003e\"The real concern is with the masterpieces - so called. That many times those wind up in the boardrooms, in private drawing rooms, of individual private collectors. And the masterpieces, or the works that carries our group historical background with us, are the things that in an ideal sense should be on display in public institutions,\" he says.\u003cbr/\u003eArt Basel opens to the public on June 19 and runs through until June 22.\u003cbr/\u003e1. Wide of \"fright wig\" by Andy Warhol (1985), sold for US$35-million\u003cbr/\u003e2. Tilt up of \"fright wig\" by Andy Warhol (1985)\u003cbr/\u003e3. Woman taking photo of \"fright wig\" by Andy Warhol (1985)\u003cbr/\u003e4. Close of phone\u003cbr/\u003e5. Close of \"fright wig\" by Andy Warhol (1985)\u003cbr/\u003e6. Wide of booth with \"fright wig\" by Andy Warhol (1985) in background\u003cbr/\u003e7. Exterior of Art Basel\u003cbr/\u003e8. Close of Art Basel logo\u003cbr/\u003e9. Wide of Helly Nahmad gallery booth\u003cbr/\u003e10. Close of \"Le Couple\" by Pablo Picasso (1969), offered for US$25-million\u003cbr/\u003e11. Various close of \"Le Couple\" by Pablo Picasso (1969)\u003cbr/\u003e12. Mid of \"Le Couple\" by Pablo Picasso (1969)\u003cbr/\u003e13. Mid of \"Arthur's woman\" by Willem de Kooning (1969), offered for US$15-million\u003cbr/\u003e14. Pan of \"Arthur's woman\" by Willem de Kooning (1969)\u003cbr/\u003e15. Various close of \"Arthur's woman\" by Willem de Kooning (1969)\u003cbr/\u003e16. Woman looking at \"Composition\" by Joan Miro (1933), offered for US$16-million\u003cbr/\u003e17. Pan of \"Composition\" by Joan Miro (1933)\u003cbr/\u003e18. Close of \"Composition\" by Joan Miro (1933)\u003cbr/\u003e19. People looking at \"Mobile\" by Joan Miro (1956), offered for US$5-million\u003cbr/\u003e20. Various close of Mobile by Joan Miro (1956), offered for US$5-million\u003cbr/\u003e21. Art adviser Todd Levin, walking past camera\u003cbr/\u003e22. SOUNDBITE: (English), Todd Levin, art adviser:\u003cbr/\u003e\"This year there is approximately 4-billion dollars worth of art on display, for sale. And that is up since 2011 by about 120 percent in terms of the total value of the fair.\"\u003cbr/\u003e23. Wide of \"Stack\" by Donald Judd (date unknown), offered for US$4.5-million\u003cbr/\u003e24. Tilt of \"Stack\" by Donald Judd\u003cbr/\u003e25. Close of \"Stack\" by Donald Judd\u003cbr/\u003e26. People looking at \"Bolt\" by Robert Rauschenberg (1963), offered for US$8.9-million\u003cbr/\u003e27. Tilt up of \"Bolt\" by Robert Rauschenberg\u003cbr/\u003e28. Close of \"Bolt\" by Robert Rauschenberg\u003cbr/\u003e29. Wide of \"Cage Grid\" by Gerhard Richter (2011), offered for US$1.5-million\u003cbr/\u003e30. Pan of \"Cage Grid\" by Gerhard Richter (2011),\u003cbr/\u003e31. Close of \"Cage Grid\" by Gerhard Richter (2011),\u003cbr/\u003e32. SOUNDBITE: (English), Todd Levin, art adviser:\u003cbr/\u003e\"It is not necessarily that the art is any better or worse than it has been. And it is not because the collectors are any smarter or dumber.\u003cbr/\u003eIt really has to do with a case of increased demand. The collectors have a tremendous amount of excess wealth. And they need to put that surplus capital to work. And, for better or worse, they seem to feel now that art is a good place to put a tremendous amount of their excess capital.\"\u003cbr/\u003e33. Mid of \"Montcalm pool\" by David Hockney (1980), offered for US$1.5-million\u003cbr/\u003e34. Tilt up of Montcalm pool\" by David Hockney (1980),\u003cbr/\u003e35. Close of Montcalm pool\" by David Hockney (1980),\u003cbr/\u003e36. Wide of \"Laureline\" by Franz Kline (1956), offered for US$7.5-million\u003cbr/\u003e37. Tilt of \"Laureline\" by Franz Kline (1956),\u003cbr/\u003e38. Close of \"Laureline\" by Franz Kline (1956),\u003cbr/\u003e39. Pull focus of \"Laureline\" by Franz Kline (1956),\u003cbr/\u003e40. Art Basel Director Marc Spiegler speaking to a woman\u003cbr/\u003e41. SOUNDBITE: (English), Marc Spiegler, Art Basel Director:\u003cbr/\u003e\"I think the market is more international than it was. I think people that used to collect only in their region now also collect art from all over the world. We have a lot of new people coming in to the game with different degrees of speed and engagement. So it is a great moment for the art market.\"\u003cbr/\u003e42. Wide of sculpture by Clair Morgan (2013), offered for US$ 47-thousand\u003cbr/\u003e43. Pull focus of Clair Morgan sculpture (2013),\u003cbr/\u003e44. Various of people attending Art Basel\u003cbr/\u003e45. Close of gallery director Maria Quiroga, pull focus\u003cbr/\u003e46. SOUNDBITE: (English), Maria Quiroga, Sao Paulo-based gallery director:\u003cbr/\u003e\"The art market has become very professional. And it does so really quickly. You see more openings, more artists, more fairs, more exhibitions, more people dealing, more curators, more advisors, more clients. So in a way I think it has become something more democratic and also something that has become much more appealing. So I would say that in that sense it has become an activity that is open to the wide audience.\"\u003cbr/\u003e47. Wide of \"Little electric chair\" by Andy Warhol (1964), offered for US$8-million\u003cbr/\u003e48. Zoom in of \"Little electric chair\" by Andy Warhol (1964),\u003cbr/\u003e49. Close of \"Little electric chair\" by Andy Warhol (1964),\u003cbr/\u003e50. SOUNDBITE: (English), Todd Levin, art adviser:\u003cbr/\u003e\"The real concern is with the masterpieces - so called. That many times those wind up in the boardrooms, in private drawing rooms, of individual private collectors. And the masterpieces, or the works that carries our group historical background with us, are the things that in an ideal sense should be on display in public institutions. \"\u003cbr/\u003e51. Zoom in of \"Obscura\" by Tony Oursler (1996-2013)\u003cbr/\u003e52. Close of \"Obscura\" by Tony Oursler (1996-2013)\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" 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class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eDate\u003c/dt\u003e\n\u003cdd\u003e2014\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003ci aria-hidden='true' class='fai fa-solid fa-language'\u003e\u003c/i\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eAudiences\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?audience_ids%5B%5D=371079\u0026amp;grade_ids%5B%5D=259\u0026amp;search_tab_id=1\"\u003eFor Teacher Use\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e2 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='concepts-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='concepts-heading'\u003eConcepts\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list concepts' data-identifier='Boclips::VideoDecorator' data-type='concepts'\u003eswitzerland, europe, business, andy warhol, western europe, work\u003c/div\u003e\n\u003cdiv class='concepts-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='additional-tags-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' 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