art fairs at a glance

The art festivals are significant events which produce, reproduce and rework culture and help to build identity of places where they are being staged. They attract local, national and international tourists; enhance the image of the cities placing them on world’s cultural map; they create new business connections and unforgettable experiences. The importance of these events can be measured in their ever-increasing number. Looking back to 1970, art world had only three major events, based in Cologne, Basel and Brussels. In 2005 numbers jumped to 65, and by 2011 there were 189 art fairs around the world. According to The ArtNewspaper, reason behind such a rapid growth lies in  “the need to offer a buy-it-or-you’ll-lose-it situation to challenge the auction houses; a way of extending a gallery’s global reach; a way of making contacts with both artists and buyers around the world; and the need to be part of today’s event-driven culture”. The art market is expanding. The turnover from art sold at auctions was worth $11,8bn in 2011. Art become more affordable and accessible to all. The popularization and expansion of art events in times of austerity have become worldwide phenomenon. London has substantial number of 20 art fairs, quite a lot in comparison with overall number of art fairs and also looking up at art as a niche market.

All over the world, London is well-known for its cultural institutions and its ability for nurturing new talent and innovation (london.gov.uk). The founder of Frieze Art Fair, Matthew Slotover confirms that “London is being seen more and more as a very important art centre” (The Independent).