James Murdoch, the son of the billionaire media mogul Rupert Murdoch, is set to take a significant stake in the M.C.H. Group, the Swiss owners of the Art Basel fairs. Founded in 1970 by three gallerists in the Swiss city, Art Basel has grown into the world’s biggest and most prestigious international art fair business. Art Basel Hong Kong, typically held in March, has enabled Western dealers to significantly expand the market for international contemporary art in Asia. And Art Basel Miami Beach has gained a reputation for attracting the hippest American collectors and works by the hottest new artists.

Source: International New York Times July 10, 2020 12:11 UTC