The Business of Fashion (BoF) is significantly expanding its art world coverage with the launch of "Rethinking the Art World," a comprehensive four-part special package examining how the sector is being transformed by new power centers, innovative patronage models, fresh approaches to creativity, and the intensifying competition between auction giants Sotheby's and Christie's.
The announcement comes as the art world continues its autumn season, moving from Frieze London to Art Basel Paris this week. While some observers noted positive signs at the London fairs, the market remains in what experts describe as a "deep malaise," with estimated sales falling 12 percent in 2024 to near a 10-year low. This downturn coincides with a generational wealth transfer from Baby Boomers to Millennials, who approach art collecting very differently than their predecessors.
The market turbulence has created significant upheaval across the industry, from high-profile gallery closures to new strategic partnerships emerging in the Middle East. To navigate this complex landscape, BoF is enhancing its nascent art coverage under the guidance of Marc Spiegler, former global director of Art Basel, who will co-pilot the publication's art market analysis.
According to Vikram Alexei Kansara, BoF's Editorial Director, the goal is to provide "a trusted compass amid the art market tumult with the same kind of independent, authoritative, analytical journalism that BoF has brought to the fashion and beauty sectors." The coverage aims to serve both art industry insiders and fashion executives developing their own cultural strategies.
The "Rethinking the Art World" package will roll out over several days, examining the industry's challenges alongside areas of dynamic growth. Marc Spiegler opens the series by analyzing the art world's shifting geopolitics, exploring how Asia's economic might, post-Brexit momentum in Paris, and soft power initiatives in the Gulf region are redrawing the traditional art market map and undermining the longstanding dominance of New York and London.
The second installment features Robert Williams' interview with Chanel's Yana Peel, who discusses the French luxury house's innovative approach to cultural patronage. Unlike competitors such as the Arnaults, Pinaults, and Prada-Bertellis who have built branded museums in European hubs, Chanel focuses on catalyzing culture worldwide through partnerships. "Rather than building our own museums, we felt the opportunity was to become a great partner to leading museums and institutions, in driving real cultural transformation," Peel explains.
Tim Schneider contributes an analysis of how auction powerhouses Christie's and Sotheby's are restructuring their strategies in response to plunging revenues. As Schneider notes, both privately held, multibillion-dollar companies are working to "upend a more than 250-year-old duopoly by gaining a clear edge over its rival – and their strategies have not sounded so distinct in years."
The final piece features Marc Spiegler's conversation with contemporary art star Alvaro Barrington, who discusses his hip-hop influenced mindset, multidisciplinary creative output, and unconventional approach to the art market. Barrington, who aims to be remembered as one of the 21st century's top five painters, represents what Spiegler describes as "a true 21st century artist."
This expanded art coverage represents BoF's commitment to providing the same level of independent, authoritative analysis to the art sector that has made it a leading voice in fashion and beauty journalism. The initiative comes at a crucial time when the traditional art market structures are being challenged by new geographic power centers, evolving collector preferences, and changing approaches to cultural patronage and creativity.
