Art insurer AXA estimates about 3 billion euros ($3.4 billion) worth of art is up for sale at the 47th edition of Art Basel. Steady streams of billionaires and jet-set buyers came for opening day of the leading contemporary art fair on Tuesday and they were reportedly in a competitive but not frenzied buying mood for blue-chip art.

Bloomberg's Katya Kazakina reports: "First-time exhibitor Van Doren Waxter gallery, which mounted a survey of Richard Diebenkorn works on paper, said it sold more than $1 million worth of art in the first few hours."

Other notable sales in the Swiss city included big-ticket works by Gerhard Richter, Richard Diebenkorn, Cindy Sherman, Sigmar Polke and more.