Art Basel Paris made a significant debut at the newly renovated Grand Palais, showcasing high-value artworks that generated considerable buzz and anticipation for future events.

The event not only highlighted exceptional art but also aimed to create a cultural spectacle in line with the upcoming Summer Olympics in the city.

Exhibitors reported strong sales and a vibrant atmosphere, featuring prominent works by renowned artists like Louise Bourgeois and Julie Mehretu.

High net worth individuals are increasingly directing their spending towards new and emerging artists, with over half of their expenditures in 2023 and 2024 focused on this demographic.

Perrotin gallery reported approximately €8 million in total sales, including a notable piece by Pierre Soulages that sold for €2.6 million.

Collaborations between art and luxury brands, such as Miu Miu, aim to broaden the collector market without increasing booth prices, indicating a shift in marketing strategies.

Gerhard Richter presented a unique series of oil paintings based on photographs he took of the artists Gilbert & George, adding to the fair's diverse offerings.

This trend reflects a growing interest in fresh artistic voices, as the percentage of works by female artists in high net worth collections reached a seven-year high at 44%.

The significance of art fairs in maintaining cultural capital was reflected in the attendance, with over 65,000 visitors, including key figures from the art world.

Recent events have underscored the need for transparency in art advisory practices, particularly following the guilty plea of art advisor Lisa Schiff for wire fraud.

China's art market defied global trends with a 9% increase in transactions, driven by a surge in demand following prolonged post-COVID lockdowns.

La Galerie Dior is currently showcasing an exhibition of over 100 photographs by Peter Lindbergh, emphasizing his impact on fashion representation and running through May 2025.