Can the Billionaire Class Save a Floundering Art Market?

The throng of international collectors is descending on the quiet Swiss town for Art Basel, whose 47th edition opened on Monday.
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Sales by galleries and dealers accounted for 53 percent of the global art trade in 2015, according to the annual art market report by the European Fine Art Foundation. Art Basel, which has 286 galleries from 33 countries, is seen as the litmus test of this segment.
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Dealers are known to save their best works for the fair, which is at once a sales and marketing platform.
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Representatives from 300 private and public museums confirmed attendance, Spiegler said. Each year, about 75 of the top 100 U.S. collectors attend the fair, he said.

http://www.bloomberg.com/news/articles/2016-06-14/basel-s-billionaire-magnets-test-art-market-after-weak-auctions
https://www.artbasel.com/
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