Wendy Cromwell at the Luma Foundation in Arles, France admiring a Franz West sculpture
ART FAIRS 101 Written by Wendy Cromwell
As an experienced art advisor who has built numerous private art collections for individuals, I regularly visit art fairs with clients. From New York to Miami and Basel to Hong Kong, a well-vetted art fair is the most fun and efficient way to see tons of high-quality art in a short amount of time. I’m not alone in these sentiments, hence what I call…THE PHAIR PHENOMENON. In 2000, there were 60 art fairs globally. In 2020, pre-pandemic, there were 300 (according to the 2020 Art Basel and USB Market Report). So what’s responsible for this explosive growth? Simply put: the rise of a global Contemporary art economy. In the 1980s, Contemporary art was not yet ready for prime time! Impressionist and Modern art dominated the auction market, which was concentrated between two art centers, London and New York. As millennials came of age, collecting tastes migrated to Contemporary art, further fueled by new wealth created by BRIC economies (Brasil, Russia, India, and China). By 2020, Contemporary art was the primary driver of the art market, having
increased by 100% twice over 20 years, according to the 2020 Art Price Market Report. This trend was due in part to -- you guessed it -- the rise in the number of art fairs. Fairs allowed European and American galleries to show Contemporary art in far flung cities like São Paolo and Dubai, educating local collectors and further fueling demand. My clients loved the experience of looking at art in a social setting while traveling to fairs in different cities around the globe. Art Basel, which is the Swiss fair that sets the industry standard, expanded to Hong Kong in 2008, cementing the rise of Asia as a bonafide new market center. By bringing Western Contemporary Art to Asian collectors, the fair bolstered the Asian market, which is now the second largest outside the U.S. and still growing. Art Basel Miami Beach is a staple on the fair circuit, for myself and many collectors. I’ve attended the fair each year of its existence, 18 times in all! I’ve attended Art Basel in Switzerland 21 times and Hong Kong once, although I hope to return in 2022!
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