Collectors from Russia, Asia, and the Middle East are splashing out at Switzerland’s Art Basel, making up for reduced demand from American visitors, exhibiting dealers said.

Sales are running at levels similar to last year, they said on the third day of the world’s largest fair of modern and contemporary art. Some American collectors stayed away because of a date switch, while galleries had feared demand would be cut because of the subprime crisis and weaker economic growth.

“The momentum of last month’s New York auctions has been maintained,” Izabela Grocholski, director of the Jan Krugier Gallery in New York, which specializes in modern and contemporary works, said. “It’s been as good as last year, if not better.”

Krugier, which also has a gallery in Geneva, sold seven pieces ranging in price from $40,000 to $14 million, Ms. Grocholski said. Russian billionaire Roman Abramovich had visited the dealer’s booth, she said.

On the June 3 preview day, Mr. Abramovich expressed interest in three Alberto Giacometti bronze sculptures priced between $8 million and $14 million, the Art Newspaper said.

“A year ago, I was saying there was a bubble that was going to burst,” New York dealer Richard Feigen said. “This year I’m not so certain. There’s an enormous amount of money coming in from Russia and the Middle East. We’ve seen quite a few collectors from Asia and the Gulf. There is a perception that art is a good place to park money. I don’t see a reason why that will diminish.”

Mr. Feigen is offering the 1967-70 Willem de Kooning painting “Woman” at $15 million. The work, which has never been offered on the market before, attracted interest from several potential buyers, Mr. Feigen said.