Sayart.net - Will London or Paris Claim the Throne as the Global Art Market Capital?

Recent Mega Art Fairs set the stage for a fierce competition between global  two cities. In a notable showdown, both Paris and London hosted the world's largest art fairs simultaneously for a 10-day period, igniting a battle of cultural pride. Frieze, London took place from October 11th to 15th, while Paris + par Art Basel occurred in Paris from October 18th to 22nd. These two art fairs are renowned for their immense scale and global reputation.

The rivalry between Paris and London transcends diverse field and has historical roots, encompassing politics, economics, society, and, of course, the arts. Consequently, many experts describe the simultaneous art fairs as "a war without gunshots."

▲ Courtesy of Paris+ par Art Basel

In analyzing the number of artworks submitted and on-site sales performance at these fairs, it seems that Paris has made a significant statement. The consensus suggests that Paris has bested London and reasserted its leadership in European art.

This shift in momentum is partially attributed to Switzerland's MCH Group, the organization behind the world's largest art fair, "Art Basel." Last year, MCH Group acquired France's native art fair, "FIAC," signaling their intentions to dominate the European art market. Consequently, the relatively new "Paris + par Art Basel," in its second year, has managed to outshine Frieze London, despite the latter's high expectations for its 20th anniversary.

Maria Kim, the publisher of SayArt, observed, "The established reputation of Art Basel, combined with the traditional power of FIAC (Foire Internationale d'Art Contemporain), has created a remarkable synergy. At the previous fair, 154 galleries from 34 countries exhibited their works and achieved better sales results than London."

▲ Courtesy of Paris+ par Art Basel

Paris set the stage ablaze from the very first day. The VIP opening event on the 18th drew a substantial crowd at the Grand Palais Éphémère exhibition hall near the Eiffel Tower. Notably, attendees included Delphine Arnault, the Chairwoman of Christian Dior and daughter of Bernard Arnault, one of the world's wealthiest individuals, as well as Hong Ra-hee, the former President of the Leeum Museum of Art and the wife of the late Chairman Lee Kun-hee of Samsung, another of the world's wealthiest figures. Their presence garnered significant media attention.

Paris also exhibited impressive sales performance. While a global gallery like David Zwirner struggled to sell a work worth more than $1 million at Frieze London, they managed to sell a painting by Kerry James Marshall for $6 million on the first day in Paris. Hauser & Wirth achieved a complete sellout on the first day, including a new work by George Condo valued at $2.4 million.

▲ Courtesy of Paris+ par Art Basel

Why are collectors flocking to Paris instead of London?

The answer lies in the rich array of experiences available in France, with luxury brand Louis Vuitton playing a pivotal role. At the art fair, Louis Vuitton garnered acclaim for their 'ArtCapucines' section, featuring collaborations with artists like Park Seo-bo, the recently deceased master of Korean monochrome painting. Beyond the art fair, Louis Vuitton hosted an exceptional event allowing audiences to enjoy Mark Rothko's works into the night.

Guerlain transformed its store on the Champs-Élysées into an art exhibition space. Furthermore, the National Museum of Art curated "blockbuster exhibitions," including works by Vincent van Gogh (Musée d’Orsay), Amedeo Modigliani (Musée de l’Orangerie), and Antony Gormley (Musée Rodin).

Next year holds the potential for Paris to solidify its position as the "capital of European art." The exhibition hall for "Paris + par Art Basel" will be relocated to the Grand Palais, a venue seven times larger than the previous one. Additionally, another art fair is planned for the same location two months after the conclusion of the Paris Olympics in July and August.

▲ Art Basel Hong Kong Exhibition Hall, Courtesy of yangbbong

Nonetheless, the rivalry between these two art fairs is expected to persist. With the global art market contracting due to economic challenges, it's intriguing to see how these fairs will adapt and collaborate with major cities worldwide. In the Asian market, Hong Kong Art Basel faces uncertainty due to political issues, while Frieze Seoul is unexpectedly emerging as a leader in the Asian art market. 

Will London or Paris Claim the Throne as the Global Art Market Capital?

 

Sayart.net
Jason Yim yimjongho1969@gmail.com