Art Basel is in the news as Swiss firm news ties to market uncertainty; Michelle Quadrelli, CEO, cites inflation and demand shifts.
Galleries have been shrinking and business models have been under sustained pressure at Art Basel this month, while major players have been narrowing investments and reshaping portfolios across regions. SoftBank has reduced deal activity in Latin America; Pace has cut artists and staff; recruitment firm Hays has sold operations; and community art projects and private collectors are adapting their approaches.