Third-party guarantees, regional fragmentation, and declining resale premiums have turned public sales into tightly stage-managed spectacles.

"There's a generational shift happening now" among collectors, one art lender told ARTnews.

Experts called the reduction a step in the right direction, albeit a small one.

Fine Art Group, an influential advisory firm, will partner with her new venture.

"There is a real appetite for great pieces. I think Basel will be very active at the top end," Fine Art Group founder Philip Hoffman said.