More on the Frieze Art Fair

I know I just posted on the Frieze Art Fair in London yesterday, but Bloomberg also has a good review of the important contemporary art fair.  It again emphasizes the treacherous financial markets and possible caution of many collectors. There are indications that prices are soft at this years sale. It is important art appraisers track sector trends. The Frieze is considered by many to be barometer of the contemporary market, and with the upcoming major auction house contemporary sales, it is an art fair to follow including both the pre fair trade press and the ensuing results.

According to Bloomberg there will be 173 dealers offering $350 million worth of art, and that figure moves up to $500 million when adding the satellite fairs around London.  The article touches on some of the other fairs and gallery exhibitions going on as well.

Bloomberg reports

Billionaire collectors are gathering for the contemporary-art market’s latest test as volatile financial markets threaten to slow big-ticket spending.

Dealers are watching to see if demand holds up at the Frieze fair in London. This year, the five-day Regent’s Park event is offering $350 million worth of art, $25 million less than last year, according to the estimates of insurer Hiscox Ltd. (HSX) The VIP preview tomorrow is the centerpiece of a crowded week of satellite fairs, museum shows, gallery openings and auctions valued at more than $500 million.

Frieze is Europe’s biggest commercial event focused primarily on the work of living artists. The ninth edition comes after stocks dived amid worries about government debts.

“Collectors are being more cautious,” said the London-based adviser Tania Buckrell Pos, who has Russians and Asians among her clients. “A few indicated they thought prices may even come down a little. Nonetheless, Frieze will attract a lot of attention and there will be some solid buying activity.”

Frieze, sponsored by Deutsche Bank AG (DBK), will look different this year. The architecture firm Carmody Groarke has designed a series of interlinked temporary structures to house dealer booths and hospitality functions, replacing the single tent of previous years. The number of galleries is unchanged at 173.

To read the Bloomberg article, click HERE.