If you want to be seen as an ardent collector of art, scouting for a good find alongside Brad Pitt, Karl Lagerfeld and Naomi Campbell, then the Art Basel Fair is the place to be. To make sure you are taken seriously by the participating galleries, your checklist should include V.I.P passes to the preview, a tan courtesy the Venice Biennale, Chanel jacket, Hermes handbag and comfortable Italian shoes for the five day long Art marathon.

Art Basel is one of those yearly elite fairs, where galleries from across the world are invited to participate and showcase their art; which includes paintings, sculptures and very little installation or media art; basically, something that can be easily bought and hung on the wall or displayed in the living room, it’s a simple matter of convenience for the collector who may or may not be new to the market.
This year, the economic crunch meant that galleries showcased the best works of the top artists, only rarely venturing beyond the blue chip names. Art Advisors, with their clients and Museum Directors with their patrons, make the rounds on the day of the V.I.P preview and much of the business is done within the first three hours of the opening. By the time the public comes in the next day, the best pieces have already been snapped up the day before. Paris based Emmanuel Perrotin Gallery, showcased a piece called “The Simple Things”, a collaboration between artist Takashi Murakami and Grammy-record winning music producer Pharrell Williams commissioned especially for this Art Fair. The piece is shaped like a clam-like sculpture containing everyday items such as a Pepsi can, a Heinz Ketchup bottle, a Nike shoe and muffin among other things. Each humble item is gold plated and encrusted with diamonds, emeralds and rubies; anything but simple! The art work was encased in glass and came accompanied by a security guard. On asking the gallery representative how many collectors were furiously bidding over this work, she says, “Two”. “Can you disclose who won the bid?”- “Absolutely NOT!” Mr. Perrotin however, was keen to point out in the daily Basel edition of the Art Newspaper that it sold at the 31st minute of the fair opening.

The art world relies on a network of information and discretion and no rumour is ever idle. Who won the bid and for how much, eventually becomes known within the privileged circles. Considering the speed at which the deal was done, between only two collectors at that, one can speculate that the gallerist released the information only to those to whom he wished to sell. Perhaps they came in even earlier than the preview day to sneak a peek at the piece. “Oh you hear about that all the time,’ says a Frankfurt based adviser, ‘collectors coming in shabbily dressed or disguised as delivery men while the fair is still being set up, just so they can strike a deal before anyone else.”At one of the galleries, I noted that a Gerhard Richter painting was still available on day three. Considering that most art is sold on the day of the V.I.P Preview, this means that this beautifully executed painting by one of the most influential artists of the last four decades is open to negotiation starting at $4.5m. A bargain, considering it would fetch considerably more at auction.
The general consensus among collectors was that the recession brought forth important and rare works by the most significant artists such as Agnes Martin, Joseph Beuys and Martin Kippenberger but they were also wary of the prices. Art Basel is running in its 40th year and mostly opens during the second week of June but you haven’t missed the boat yet. The spending spree is likely to continue at Art Basel’s sister event in Miami from 3-9 December 2009. Art Basel Miami Beach is the cultural and social highlight for the United States which combines a selection of international galleries, special exhibitions, parties and crossover events featuring music, film, architecture and design. Financial melt-down or not, the continued buying of art has a psychological root; collectors are still attracted to the sport of winning bids and besides being an art collector distinguishes and places you within a different league of people from all over the world. As Amy Cappellazzo, formerly a curator and art advisor who helped start the Art Basel Miami Beach Fair and current International Co-Head of Post-War and Contemporary Art at Christies has famously quipped, “After you have a fourth home and a G5 jet, what else is there?” Well, after purchasing your jet, arm yourself with an art advisor who will provide you access into this privileged world of art and head to Miami Beach in December.