Visit The Pace booth, the gallery which is owned by Marc Glimcher, and you will see Robert Rauschenberg works on sale for prices between £320 000 to £640 000.

Van de Weghe Gallery of New York on the first day of the fair sold a Christopher Wool piece for £3.5 million, whilst Skarstedt Gallery, it has been reported, sold a Keith Haring work for the same price.

Collectors and curators assembled to scale the fair, with collector Peter Brant, Sheena Wagstaff of the Metropolitan Museum of Art as well as Brett Gorvy and Alexander Rotter of Christie's spotted on the VIP day.

Seasoned fair-goer Leonardo DiCaprio was also spotted with his eye on the Gagosian Gallery's Giacometti bronze.

Billionaires Daniel Loeb, Steven Cohen and Laurence Graff had also descended upon Basel to check out the works of some 4 000 artists.

Art dealer Jeffrey Deitch commented: "The first half hour of Art Basel is the most exciting time in the art season."

"There really is the joy of the chase."

Other exciting sales included a painting by Yayoi Kusama sold for around £640 000 at the Zwirner booth and an Alexander Calder mobile for £450 000 at Van de Weghe.

It was reported Galerie Perrotin has already sold no less than seven painting by Takashi Murakami, two of which had a price tag of  £700 000.