At least that is what can be inferred from what was seen at Art Basel, the Basel art fair that ended on June 18 and is the world's most important fair for 20th- and 21st-century art. 

After a strong performance in 2022, when the world was awash with liquidity created by pandemic aid, the mood this year was much more cautious. How does this translate? In a way that has parallels with the stock market: in times of uncertainty such as the present, buyers are showing more interest in established artists. For years, money flowed into more speculative art markets, art advisor Nilani Trent told the trade publication The Art Newspaper. But at times like this, she added, buyers are looking for greater long-term value in established markets such as Andy Warhol's works. As a result, negotiations in the secondary art market are now longer and more complex, Trent told the publication.

The recalibration of the market does not necessarily mean that sales will decline. By 2023, 45% of galleries and art dealers expect their sales to be higher this year than in 2022. Last year, according to The Art Basel & UBS Art Market Report 2023, the global art market stood at around US$67.8 billion, up 3% from 2022.