We’re on the cusp of the 2025 edition of Art Basel—the flagship fair held each June in Basel, Switzerland. More than 200 galleries from around the world gather to present works spanning the 20th and 21st centuries. Art Basel is both a bellwether and a battleground. Participation is prestigious—and costly. It’s competitive, and it’s high-stakes.

That’s always been true. What’s newer is the softening of the art market. Sales are down. Demand is cautious. Buying patterns are shifting. “Uncertainty” was the word last year—and it still is.

Much of the focus tends to fall on the top of the market. But what about the emerging tier? The galleries selling works under $250,000 and $100,000? The ones spotting and raising new talent, pushing aesthetics forward? What does a “win” look like for them in this moment? What does growth mean now—and how do they survive in a contracting ecosystem?

To unpack these questions, Senior Editor Kate Brown is joined by three dealers whose programs I’ve followed closely over the years. Their perspectives offer a real-time snapshot of what’s at stake.

On the podcast with us is Robbie Fitzpatrick, of Fitzpatrick Gallery, a dealer who has operated galleries in Los Angeles and Paris, and who recently decided to take his gallery program nomadic. Robbie also founded Art Basel Social Club in 2022, an annual event that has become a defiant and central alternative during the week in Basel. This year, the edition is bigger than ever and takes place in a formidable location of a former bank in the center of the city.

Kate is also joined by Lisa Offermann, founder of the gallery LC Queisser. Lisa opened the gallery in 2018 in Tbilisi, Georgia, and launched a second location in Cologne earlier this year. She’s participated in several editions of Art Basel and is part of its newest sector, Premiere, this year.

Freddie Powell, founder of Ginny on Frederick, is also on the show—Freddie opened in London in 2020. With a sharp program and quick ascent, the gallery is making its debut at Art Basel this year, in both Basel and in Paris in the fall.