This is an OZY Special Briefing, an extension of the Presidential Daily Brief. The Special Briefing tells you what you need to know about an important issue, individual or story that is making news. Each one serves up an interesting selection of facts, opinions, images and videos in order to catch you up and vault you ahead. WHAT TO KNOW What’s happening? Art Basel is the world’s biggest art fair, a multicity operation that has celebrated outposts in Miami and Hong Kong. Its home base, of course, is Switzerland, and the city of Basel has seen its name become synonymous with the art fair since the event kicked off 49 years ago. Last year, the Swiss edition of Art Basel brought in 92,000 visitors. This year, the fair is expected to welcome 290 official exhibitors from June 13-16, along with a universe of satellite exhibits, art-world heavy hitters, cultured gawkers and art buyers. Why does it matter? This is where the art world’s big money comes out to play. Last year, the galleries reported selling 21 artworks for at least $1 million during the event — with three selling for $14 million or more. Fairs like this turn a small city into a giant superstore of modern and contemporary art, and the number of art fairs since Basel was founded has ballooned, though none has eclipsed Basel in prestige or fancy parties. |