Welcome to Wall Power, where we are gearing up for the apex fair, Art Basel. Yes, there are now spinoff events in Miami, Hong Kong, and Paris, but Basel is the original, founded by Ernst Beyeler in 1970, and it remains the most desirable venue for galleries, which will spend years trying to gain access to its highest tier of collectors and museum curators.

Galleries still save their very best works for Basel in June. But for how long? Under pressure from new-ish owner JamesMurdoch to expand, the fair is using its flagship fair to launch its new brand extension, a merchandising program called AB by Art Basel. More on all that, plus a roundup of some of the most notable works on display, below the fold.

But first…

• More on those Sotheby’s London layoffs: The Financial Times has added to the available information about the scope of Sotheby’s layoffs in London, reporting last week that the auction house expects the total number, after consultation, to be...