Art Basel made a splashy debut this week despite global turbulence, with an eight-figure sale for a Picasso during an invite-only VIP preview and a David Hockney fetching $8.5 million.
The flagship fair in the Swiss city brings together 290 galleries from 43 countries and territories and is one of the year's top events for contemporary art sales.
It opens to the public on Thursday after two days reserved for wealthy collectors who flock to the event in search of exceptional pieces.
On Tuesday, a 1963 painting by Pablo Picasso, titled "Le peintre et son modele dans un paysage," was sold for $35 million by Zurich gallery Hauser & Wirth.
Basel Exclusive, a new initiative encouraging galleries to reserve significant works for their first public presentation at the fair, made its debut this year and saw another Picasso fetching between $6 million and $6.5 million for French gallery Almine Rech, according to the fair's organizers.
