Early in the pandemic, as in-person art fairs came to a halt, many art professionals claimed that the financial, health, and climate costs of shipping art and people around the world were no longer sustainable. However, predictions of a major reset in the art fair industry have proven to be premature. David Leiber, a partner at the David Zwirner Gallery, stated that they haven’t given up as many fairs as they initially thought. The gallery plans to participate in 17 art fairs in 2024, a decrease from 21 in 2019 but still a significant number. Other galleries, such as Pace and Lelong, are also only slightly below their 2019 peak.
According to economist Clare McAndrew’s Art Market 2023 report, the number of art fairs worldwide is expected to reach 377 this year. While this is an improvement from the deep drop to 133 in 2020, it hasn’t yet reached the high of 408 in 2019. The report suggests that the pandemic may have had lasting effects on the art fair infrastructure.
Despite this, David Leiber believes that people still enjoy traveling and experiencing art in person. The Art Basel and UBS Survey of Global Collecting 2023 supports this notion, stating that high net worth individuals attended an average of four art fairs a year and made purchases at these events. Komal Shah, a California-based collector, plans to attend at least eight fairs in 2024, including Frieze Seoul and Paris+ by Art Basel.
The success of an art fair depends on various factors, such as the city’s overall environment, the presence of local artists with international appeal, and a strong network of collectors, galleries, and cultural institutions. Good hotels and restaurants also contribute to the overall experience. Mary Sabbatino, from Galerie Lelong’s New York branch, emphasizes the importance of regional events as feeders to the art-fair ecosystem, as they help develop collectors who can support the local community.
In 2024, notable art fairs around the globe include ZONAMACO in Mexico City, Art Basel in Switzerland, Frieze Seoul in Korea, the Armory Show in New York, and Art X Lagos in Nigeria. Each fair offers a unique experience and attracts a diverse range of artists, galleries, and visitors.