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

After a good version in 2022, when the world was swimming in the liquidity created by pandemic relief, the mood this year was much more cautious. How does this translate? In a way that has parallels with the stock market: in uncertain times like 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 these, she added, buyers are looking for more long-term value in established markets such as Andy Wharhol's work. As a result, negotiations in today's secondary art market are longer and more complex, Trent told the publication.

Market recalibration 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 about US$67.8 billion, up 3% from 2022.