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Davos of Art World Lures Collectors to $4 Billion Fair

Andy Warhol’s $32 million self-portrait and Willem de Kooning’s $15 million painting of a redheaded woman will tempt billionaires from Qatar, Hong Kong and Moscow at the world’s largest modern and contemporary art fair this week in Switzerland.

Each June, Art Basel transforms the quiet Swiss city on the Rhine River into the epicenter of the art market where a hotel room is harder to come by than a Malevich. With as much as $4 billion worth of art for sale, according to an estimate by insurer AXA Art, it’s the largest edition since the fair’s inception in 1970.