Culture Talk

Art Basel: who is actually buying a $35m Picasso right now?

Serious question. A Picasso went for $35 million in the preview, Hauser & Wirth placed more than $65 million of work on day one, but Artnet says fewer American and Asian collectors showed up.

So who's buying? Is it the same small group of people at every fair? And does a 'strong first day' actually mean the market is healthy, or just that a few rich people showed up?