Art Basel Paris 2024 marked a significant moment for the European art market, firmly establishing itself as a major event alongside London’s Frieze. Held in the newly restored Grand Palais, the fair drew 195 galleries from 42 countries, making a strong case for Paris’ re-emergence as a global art capital. The event attracted a broad mix of international collectors, museum directors, and curators, with VIP attendees including French President Emmanuel Macron and First Lady Brigitte Macron, as well as prominent U.S. collectors Don and Mera Rubell.
The sales at Art Basel Paris were strong, with galleries reporting high levels of engagement from both European and international buyers. White Cube saw one of the fair’s most significant sales, with Julie Mehretu’s Insile (2013) selling for $9.5 million. Hauser & Wirth led the high-value market with the sale of a Louise Bourgeois spider sculpture for $20 million. While these headline sales dominated conversations, smaller-scale works by emerging artists also found buyers. For instance, François Ghebaly gallery reported strong sales, including a $80,000 painting by Ludovic Nkoth.
Art Basel Paris demonstrated its potential as a serious rival to Frieze London, but the dynamics between the two fairs remain complementary rather than combative. Frieze London is known for pushing the envelope with cutting-edge contemporary works, while Art Basel Paris presents a more refined, historical focus, drawing collectors looking for blue-chip names and museum-quality pieces. That being said, there’s certainly an appealing draw to Art Basel Paris due to the city’s growing stature and the international pull that Art Basel has brought to the French capital.
While Paris is experiencing a revival, the dominance of the American and Asian markets was evident throughout the fair. U.S. and Asian collectors were especially active, acquiring both contemporary and modern works. The prominence of Asian buyers reflects the increasing global shift in the market, with sales from the region’s collectors influencing the demand for top-tier art. Meanwhile, U.S. collectors, particularly from institutions, continued to lead the charge in acquiring high-value works.
Despite Paris’ growing significance, the fair highlighted the broader challenges facing the European market, particularly in the context of its competition with the more dominant American and Asian art hubs. Art Basel Paris, however, demonstrated that the French capital has the potential to reassert itself as a key destination for the international art market.