One of my dear friends and an art collector who flew all the way from Seoul to London for the Frieze London 20th Edition told me that he thinks London still rules the European art market.
“You have to remember, in London, like in New York or Hong Kong, the primary market is very international,” art dealer Thaddaeus Ropac conveyed to ARTnews. I remember two years ago during the pandemic, people thought London might lose its top spot in the European art market to Paris because of Brexit and the tough Covid-19 situation. But now, with the opening of Frieze London 20th Edition, experts have said that London is still a bigger player just slightly behind New York.
Although I personally view Paris as an expanding market and continue to regard New York as the leading market with ongoing growth. London has been stagnant, especially considering the pound sterling's declining value and the city's current high inflation rate.
Frieze London primarily showcases young living artists, and many rising talents were prominently featured. Back in the years of the economic instability period, there was a shift away from emerging artists, but then it seems like today there remains a strong demand for new contemporary artists. Gallerists and advisors believe this is due to the preferences of a new generation of collectors. Pace Gallery quickly sold a piece by sought-after artist Pam Evelyn, their youngest featured artist, for an asking price believed to be $75,000, though the exact figure wasn't disclosed.
In conclusion, a subdued market doesn't always manifest in decreased sales. Instead, it might be evident in easier availability of once-scarce treasures, galleries more willing to negotiate, and prices that have settled after skyrocketing. Summing up the first day, it turned out more positive than anticipated.
