Draw of Art Basel extends to financiers

New York

FOR a few days each June, the epicentre of the art trade shifts from New York to Basel, a small city on the border of France, Switzerland and Germany. There, the world's top modern and contemporary fair, Art Basel, attracts scores of billionaire collectors. And bankers.

Starting on Monday, wealth managers and financial advisers will rub shoulders with the art world elite amid more than three billion euros (S$4.7 billion) worth of works up for grabs, according to insurer AXA Art. UBS Group AG, the lead sponsor of Art Basel since 1994, expects to host 3,000 clients at its lounge at the fair, which runs through June 18. Representatives of Morgan Stanley, Bank of America Corp, Citigroup Inc and Vontobel Holding AG are also planning to attend and entertain clients - or snag new ones.