Basel, Switzerland--The halls of Art Basel, the world's largest contemporary art fair, brim with elegantly dressed collectors all searching for something special -- and, increasingly, financial investors just after a good deal.
The event opens to the public on Thursday, but special VIPs got an advance peek at the vast array of artworks by 20th century masters like Picasso, Calder and Warhol, mixed in with today's cutting edge creations, on Tuesday.
The fair, which last year drew nearly 100,000 visitors from around the world, attracts representatives from museums, large and smaller-scale private collectors and a growing crowd of financial buyers looking for a savvy investment.
"In a world where interest rates are very weak, people are looking for solid value" and are increasingly turning to art, said Juerg Zeltner, head of wealth management at Switzerland's largest bank UBS.
Seated among plush cushions in Art Basel's luxurious VIP lounge, the head of UBS's art sponsorship, Peter Dillon, said the bank -- a long-time backer of the fair and a collector with 30,000 pieces to its name -- tried to keep its finger on the pulse of the global art market.
"Art education is very important for us internally," he said, adding that UBS aimed to make its employees "fluent with art and the art market".
But not everyone appreciates the detached investor's take on art exhibited at the fair.
"People are shopping... It's heightened commerciality on an extreme level," renowned British artist Tracey Emin told AFP.
"I don't like people who buy the work and then flip it," she said, standing next to a large printed sketch of what looked like a rape scene with the words "Is this a joke" written above it -- one of three of her works on display at the Lehmann Maupin booth.
Art Basel director Marc Spiegler also advised against buying works purely with an eye on financial returns.
"My advice for people who want to invest in the art market is buy works that you like, because that way, even if it loses value, you have a work that you like," he told AFP.
AFP
