Art Basel Sees Millions in Sales for Picasso, Hockney Amid Market Recovery

The prestigious Art Basel art fair in Basel has kicked off with significant sales, including a Pablo Picasso painting fetching an eight-figure sum and works by the recently deceased British artist David Hockney selling for millions.

These high-value transactions occurred during a two-day private viewing event exclusively for wealthy VIP guests. The fair officially opened to the public on Thursday and will continue through Sunday, featuring 290 galleries from 43 countries and territories worldwide. It is considered one of the most important events for art sales and collection.

The Zurich-based gallery Hauser & Wirth sold Picasso's 1963 painting "The Painter and His Model in a Landscape" for $35 million (over 30 million euros). The French gallery Almine Rech also reported sales of around $6 million for a Picasso piece. This year, Art Basel's Basel Exclusive initiative encouraged galleries to unveil their most important works publicly for the first time at the fair.

American gallery Gray sold two works by David Hockney, a pivotal figure in 20th and 21st-century art who passed away last week at 88. Gray sold a 2014 painting depicting the interior of his studio for $8.5 million (approximately 7.4 million euros). Other galleries, including London's Annely Juda, also presented Hockney's art. His acrylic painting "Delphiniums on My Garden Table, July 2025," depicting a bouquet he received for his 88th birthday, is listed for $12 million (over 10 million euros).

Vincenzo de Bellis, Art Basel's Artistic Director, described the fair's atmosphere as positive and optimistic. "We certainly cannot deny the impact of uncertainty and the geopolitical situation, but so far in the last few months, we have seen more positivity than negativity in the art market," he stated. A report by UBS and Arts Economics for Art Basel indicates the global art market grew 4% in 2025, reaching approximately $59.6 billion (52 billion euros) after two years of decline. While the year began cautiously due to global uncertainties, demand increased in the latter half, primarily driven by auction sales and the high-value segment of artworks exceeding $10 million.

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We certainly cannot deny the impact of uncertainty and the geopolitical situation, but so far in the last few months, we have seen more positivity than negativity in the art market.