Collectors have flocked to Basel this week for the annual art and design fairs, brushing off concerns about a lacklustre turnout at the events and spending record amounts on pieces including a chair designed by US hip hop star Pharrell Williams.

The Design Miami/Basel and Art Basel fairs have been open since Monday and run to Sunday. So far, 14,000 visitors have attended the design fair, a 25% increase on last year's attendance. Many put reservations on pieces at the collectors' previews at the start of the events.