Basel, Switzerland | War is raging in Ukraine. Stocks are down 20 per cent. Inflation is up more than 8 per cent. The crypto economy is collapsing.

But back in the bubble of the international art world, the wealthy, for the moment at least, appear to be on a spending spree. Following last month’s bumper two-week series of marquee auctions in New York that raised more than $US2.5 billion ($3.6 billion), collectors were on the hunt for further desirable modern and contemporary works at the 52nd edition of the Art Basel fair in Switzerland, which opened last week.