Frieze London has opened its doors amidst a somewhat uncertain art market and ongoing conflicts in the world. While last year saw issues with long lines for VIP collectors, this year's opening went smoothly. However, the art market has been facing challenges, with major auction houses reporting significant drops in revenue in the first half of 2023. Additionally, conflicts like the recent one in Israel and Gaza have added an element of tension to the art fair.
Despite these external factors, the fair itself appeared vibrant, with packed aisles and a buoyant atmosphere. Some collectors canceled plans or hesitated on purchases due to the conflict, but overall, sales remained steady. However, there was a noticeable lack of urgency among buyers, as they adopted a more cautious approach in the face of the global economic situation and high interest rates. According to Philip Hoffman of the Fine Art Fund, collectors were present but not rushing to make purchases, and he expected the market to pick up in the next six to twelve months as interest rates lowered.
While paintings have typically been favored during uncertain market conditions, their presentation at Frieze London took innovative approaches, often leaning towards installation art. This suggests that the art world continues to experiment and evolve, even in challenging times.
Marc Glimcher, CEO of Pace, acknowledged the devastating human impact of ongoing conflicts but noted that the business impact was yet to be fully assessed. Some people had changed their plans due to the conflict, but sales at the fair remained on track for now. However, the outcome of the conflict could have wider implications for the global economy.
Jean Dubreil