The Art Fair Where $20 Million Impulse Buys Are the New Normal

The premise of an art fair is that a collector can walk through its aisles, stumble across an artwork that catches his or her eye, and buy it. As a consequence, prices at most fairs are comparatively low, with work rarely surpassing the $2 million mark. After all, very few people can afford a million-dollar impulse buy.

The exception is at Art Basel in Switzerland (June 14–17), where dealers tend to bring showstopping art at a much higher price point.