Art Basel - the world's premier contemporary art fair has opened in Basel. Switzerland following a year of strong art sales in 2017. This year it is estimated that art worth 2.5-3 billion Euro, with works from Joan Miro, Pablo Picasso and Joan Mitchell, are expected to fetch multi-million US dollar prices.

This large colourful glass mosaic is one of the stars of the Art Basel contemporary art fair in the Swiss city of Basel. It was made by Spanish artist Joan Miro in 1976.

It now hangs at the front wall of the New York-based gallerist Helly Nahmad's Art Basel booth. The price tag, 25-million US dollars, according to the gallery.

At the booth of another New York-based gallery, a large abstract oil painting by American artist Joan Mitchell, has a price tag of 7.5-million US dollars.

LISA SCHIFF, ART ADVISOR SCHIFF FINE ART "I don't feel like we are in a bubble. It is not like everything is selling. It appears that way in the news, because you see the numbers at auctions and half a billion dollars for a Leonardo Da Vinci. But in fact actually, it seems healthy to me. it is not easy to close a sale. I can't just snap my fingers and it's done. You know it is quality, it is time. So I feel like the market is healthy."

The US, China and the UK accounted for 83 percent of global contemporary art sales in 2017. Some 35 percent of high net individuals - people with more than one million US dollars saved - were active in the art market.

TODD LEVIN, ART ADVISOR LEVIN ART GROUP "There might be dark clouds on the horizon in general economic terms. We are not going to go into that right now. However, the point is that even if those clouds start to thunderstorm, the very high-net worth individuals still continue to collect and trade art. At their level they are untouchable."

Also shown at the fair is a hanging metallic sculpture with a price tag of 2.5 million US dollars.

ADAM SHEFFER PARTNER AT CHEIM & READ "It is the most important fair bar none. It is the gold standard of how the art world is. Who is here? What are you showing? Literally people put things aside the whole year and save them just for this experience. There is nothing that compare."

And there's a large colourful painting by Kerry James Marshall, now considered to be the most expensive African-American artist. In it a black couple are standing in the middle of the picture, talking while surrounded by trees, flowers and green grass. Art Basel has been running annually since 1970 and this year's event will run until June 17th.