“In 2016, Art Basel’s parent company, the MCH Group, … announced it would debut Art SG, a new fair in Singapore; took a majority stake in the India Art Fair and a minority stake in Art Düsseldorf; and added Masterpiece London to its portfolio last December. But the experiment didn’t last long. According to a statement on Friday, MCH Group is undertaking a ‘profound transformation’ by dramatically downshifting its ambitions ‘for the necessary stabilization of the company.'”