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

After a strong year in 2022, when the world was awash in liquidity generated by pandemic relief funds, the mood this year was much more cautious. How does this play out? In a way that parallels the stock market: in times of uncertainty like these, buyers are showing more interest in established artists. For years, money flowed into more speculative art markets, art consultant Nilani Trent told the trade publication *The Art Newspaper*. But at times like this, she added, buyers are seeking greater long-term value in established markets such as those for works by Andy Warhol. As a result, negotiations in the secondary art market are now longer and more complex, Trent told the publication.

The market’s recalibration does not necessarily mean that sales will decline. For 2023, 45% of art galleries and 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 was valued at approximately US$67.8 billion, up 3% from 2022.