Strong sales at Art Basel

Fine art is one investment sector that is bearing up well in the downturn, latest trends suggest.

The special preview show for Art Basel took place in Switzerland this week and was a marked success, the Financial Times reports.

On the first day of sales, evidence emerged that the top end of the market has remained unaffected by the credit crunch and global economic downturn - for art investments at least.

A £1 million Anish Kapoor piece went to an unnamed Swiss collector, while works by Catalan master Miro and contemporary sensation John Currin were also snapped up.

Meanwhile, Russian oligarch Roman Abramovich - the billionaire owner of Chelsea FC - was spotted ’circling’ an 11 metre Andy Warhol silkscreen priced at £45 million.

New York gallerist Rachel Lehmann told Bloomberg: ’We’re feeling some demand from Asian clients and from parts of Europe. The pure New York market has really gone, though. I’ve spoken to several New York collectors who aren’t going to Basel this year.’

’The market isn’t dead.’

Art Basel has been showing in the Swiss city since 1969.

Movie star Brad Pitt was also in attendance at the trade fair.ADNFCR-2318-ID-19220913-ADNFCR