London Art Market Sees Resurgence Despite Paris Dominance

(MENAFN- USA Art News) London's art market is experiencing a notable resurgence, even as Paris continues to draw international collectors, according to dealers and advisors. This comes as Europe prepares for a double round of major art fairs, with Frieze in London from October 14–18, followed by Art Basel Paris from October 21–25.

Three years ago, gallerist Thaddaeus Ropac expressed concerns about the health of the London market, noting what he perceived as a stagnant period reflected in mixed auction results in 2022 and 2023. He told ARTnews in a recent interview,“London lost part of the market because Paris became very attractive.” However, Ropac remains optimistic about London, with his gallery recently renewing its lease for another 10 years.

Other major players share this positive outlook. Global gallery Hauser & Wirth, which established a presence in London in 2003, is currently constructing a 15,000-square-foot gallery on Mayfair's South Audley Street. Zoe Sperling, a partner at Hauser & Wirth London, which will participate in both upcoming fairs, stated that the city's“cultural pull remains very powerful,” noting that many of their international artists wish to exhibit there.

Ropac attributes London's appeal to its status as a city for working artists, suggesting it has surpassed Berlin in this respect. At Frieze, his gallery will showcase contemporary works by artists such as Denzil Forrester, Jordan Casteel, Oliver Beer, Mandy El-Sayegh, and Antony Gormley. In contrast, at Art Basel Paris, they plan to exhibit important historical works by figures like Marcel Duchamp, Lucio Fontana, Roy Lichtenstein, and Andy Warhol. Hauser & Wirth's Frieze London booth will feature Frank Bowling's Watermelon Bight ( 2020 ).

American gallerists are also balancing their participation across both fairs. Kenta Murakami, a partner at New York's Ortuzar gallery, acknowledged Paris's current prominence but emphasized London's continued importance. Ortuzar will exhibit historical works from the 1940s to the '90s by artists including Josef Albers, Claire Falkenstein, and Agnes Martin at Frieze Masters, with prices ranging from $50,000 to over $10 million. At Art Basel Paris, the gallery will present works by living artists such as Takako Yamaguchi and Claudette Johnson, alongside historical pieces from the 1970s by Yoko Ono, Miyoko Ito, and André Cadere. Murakami views the two events as a single, extended fair, allowing them to demonstrate the breadth of their program and noting,“In a way, you can start a conversation in London that you might close in Paris.” Ortuzar will show Yoko Ono's Cleaning Piece ( 1966/1988 ) at Frieze Masters.

The comparison between London and Paris has intensified since Art Basel launched its Paris edition. Advisor Meredith Darrow believes it would be“shortsighted to say that London wasn't important,” but noted that Paris has“stolen the thunder of really every art fair, including Basel, Switzerland.” Bernard LaGrange, a senior adviser at Gagosian Art Advisory, echoed this sentiment, suggesting that Art Basel Paris is now the preferred venue for selling expensive artworks, potentially even over Art Basel Switzerland. Last year, the highest prices achieved at Art Basel Paris, including a Gerhard Richter sold by Hauser & Wirth for $23 million and an Amedeo Modigliani sold by Pace for just under $10 million, surpassed the low seven-figure sales reported at Frieze. However, LaGrange suggested that London's lower price points might allow Frieze to regain its identity as a platform for discovering new and exciting art.

Conversely, some galleries are using Art Basel Paris for experimental, lower-priced works. New York's Mariposa gallery, participating for the first time, will show a large-scale installation by Drake Carr, with pieces priced between $10,000 and $15,000. Cofounder Alec Smyth views the fair as a marketing investment, aiming to break even, and notes that it attracts a significant crowd of collectors and enthusiasts.

London maintains an advantage in scale, boasting a higher concentration of galleries than Paris. Last year, Frieze London and Frieze Masters together hosted over 280 galleries, compared to 203 exhibitors at Art Basel Paris. Auction results also reflect London's strength; Christie's 20th and 21st-century evening sale around Frieze last year totaled $142.9 million, while all four of Christie's sales during Art Basel Paris combined for $107.4 million.

Despite this, Paris is rapidly gaining ground. Last year, Christie's total sales in Paris increased by 16 percent from the previous year. Sotheby's modern and Surrealist sales in Paris totaled €89.7 million, an increase of over 50 percent from the prior year, including a €27 million Modigliani, which became the most expensive work ever sold by Sotheby's Paris.

The cost of doing business is a significant factor for galleries. Ryan Stern, a director at the nomadic British gallery Sixty Six, highlighted the challenge of the 20 percent VAT on works staying in the UK, which can deter younger collectors. London-based advisor Arianne Piper pointed to Brexit's impact, specifically the end of temporary import fee exemptions and increased customs bureaucracy, as factors that have shifted Frieze London's focus from high-volume transactions to a more curated, talent-focused platform.

We previously reported:

London's recent Design Festival and Fashion Week showcased artists and designers embracing themes of softness and duality, often drawing inspiration from art

Seven notable exhibitions, including a Robert Ryman U.K. survey and Mohammad Alfaraj's European solo debut, are set to open in London this fall.

Source: ARTnews

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