As the 40th Art Basel, one of the worlds most important art fairs for contemporary art, drew to a close on the 14th June it’s quite clear to see where investors are spending their money. Over the 5 day fair Art Basel reported that over 61,000 collectors attended, more than ever before. More than 300 galleries showed their works from 29 countries which added up to some 2,500 artists.

Brad Pitt Spends $960K On Painting At 40th Art Basel Fair

Saying the ‘Credit Crunch’ is not part of this art fairs world is a little naive. I am sure that Art Basel’s success this year has indeed been affected by the dreaded tag line. Investors and collectors are very well versed in the global downturn but see art as a more solid investment than other riskier forms, and of course, buying in a downturn ensures the best price for your investment as dealers are more prepared to lower their prices to ensure a sale

Toting up the money that was spent over the 5 days is hard to say. Joining in the whole social setting of the fair seemed to be the best way to gauge it’s economic success. Wether it was cocktails at the Beyeler Museum or dinner at Chez Donati the social chat was buzzing with the success of certain sales from artists such as Anish Kapoor, Martin Kippenberger, Neo Rauch and Barbara Kruger who’s art attracted sales in excess of $1m. Jeffrey Deitch sold Kehinde Wiley’s “Lamentation over the Dead Christ” for almost $175,000 to Princess Gloria von Thurn und Taxis and Michael Werner Gallery sold one of Peter Doig’s classic “Concrete Cabin” paintings for around $3m. To top it all off, Larry Gagosia succeeded in selling one of Andy Warhol’s 1965 paintings of Campbell’s Soup cans for even more than that.

Look out for London’s very own Frieze Art Fair in Regent’s Park from the 15th – 18th October 2009. Started in 2003 Frieze is already renowned as a key event for international galleries and buyers. With over 150 galleries showcasing their works, there will be plenty to keep you entertained. Our Calendar has always up to date events from around the world that you can not miss!

To trully visualise the diversity of presented works check out yatzer.com’s Art Basel 2009 in 60 photographs photo report!