Art Basel, one of the world’s top modern and contemporary art fairs, opened on Tuesday, June 17, with a private preview that saw a number of impressive sales. Described as the “Olympics of the art world,” this year’s show features approximately 300 galleries from across the globe exhibiting the work of more than 4,000 artists, ranging from Modern masters to emerging contemporary artists.  

Welcoming an elite group of collectors, the opening night preview proved that the market for modern and contemporary art shows no signs of slowing down. Andy Warhol’s “Self-Portrait (Fright Wig)” (1986), which was being offered by London’s Skarstedt Gallery and carried an asking price of $32 million, was the most expensive work sold during the fair’s opening day. The silkscreen was snapped up by an American collector during the first 15 minutes of the event.