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 the new wealth created by BRIC economies (Brazil, 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.

Wendy Cromwell in front of paintings by artist Daniel Heidkamp.

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!

WHAT IS AN ART FAIR? (And why should you care?)

In short, fairs are trade shows, typically held in convention centers...just like an auto show, but with art, not cars, for sale. Galleries rent floor space from the fair, which is typically a well-branded company that heavily markets its events.

It’s common for the first-time fair-goer to feel overwhelmed; with so much to see it’s inevitable. How do you get a read on what’s really worth focusing on? Also, why is a lot of the art sold by the time you enter the fair -- even if you are lucky enough to get a VIP pass for the private preview? Galleries prioritize their loyal clientele by sending offers in advance but they participate in fairs to meet new clients, namely, you!

Pro Tips: galleries with the largest stands at the center of the floorplan usually have the priciest art. If you have a smaller budget, begin at the periphery. The converse is true, if you’re going for investment-grade, blue-chip art, start at the center. It helps to download and study the fair map before you go. Fairs often have sections devoted to single or dual-artist presentations. Start here to focus and learn. These are but a few strategies to dissecting a fair so that the content becomes digestible.

For those starting to collect, a fair is an ideal place to meet art dealers, ask questions, and compare prices in a social environment. If you’re interested in making your first foray into art fair hopping, here are my recommendations:

I’m looking at a sculpture by Jaume Plensa, an artist from Barcelona, at Miami Art Basel in 2017. I bought this work for a client’s garden (from a jpeg) before the fair opened. It was fun to see it there, and then see it installed two years later. We stored it for a couple years while the house was being built.

DO’S AND DON’TS FOR THE ART FAIR INDUCTEE

DO choose a fair that’s juried. The best fairs have committees of well-regarded dealers and curators who vet the galleries and decide who participates. Quality is higher at these fairs.

DO attend on the first or second public viewing day when the hype and pressure of the highly transactional VIP “preview” day is over. Dealers will give you more attention when you’re not competing with Leo DiCaprio in the booth.

DO take advantage of extensive free cultural programming -- fairs host talks with prominent artists, curators, and collectors (bonus tip: this programming is now widely accessible online via Frieze and Art Basel’s websites, among others).

Wendy Cromwell at the Luma Foundation in Arles, France admiring a Franz West sculpture

DON’T go on the weekend when the aisles are full of strollers.

DO get the fair map, note what you liked, the price, and the name of the gallery. After walking for hours, the booths start to blur and you’ll forget.

DO ask the gallery to hold something for you if you’re serious about buying. This is called a “reserve,” a courtesy typically extended for an hour at fairs.

DO see if the gallery is willing to negotiate on price -- but don’t expect more than a 10% discount, especially as a new buyer. The better your relationship with a dealer, the easier it’ll be to secure that VIP pass for the next fair.

DON’T impulse buy! And especially not on an empty stomach. People make better decisions when they aren’t hungry or drunk.

…see you on the fair circuit, perhaps?

Prior to founding Cromwell Art 18 years ago, Wendy Cromwell was Vice President of Sotheby’s Contemporary Art for nearly a decade. She ran a Fortune 500 corporate art collection before that, and consulted for several blue-chip art galleries while in graduate school. Wendy received her Master of Arts in Modern Art from the Institute of Fine Arts of New York University and graduated from Smith College with a Bachelor of Arts in Art History. Wendy is past president and current board member of the Association of Professional Art Advisors and a member of the Appraisers Association of America. For tasty bites of art world knowledge delivered to your inbox monthly, subscribe to the Cromwell Art Snack.