Wealthy Europeans warm up Frieze
At the seventh annual Frieze Art Fair in London's Regent's Park yesterday, European bargain hunters were out in force.
Contemporary art is said to have fallen in a year by as much as 40% and sterling has dropped against the Euro by 15%.
Frieze gallerists say sales have been buoyed by the larger than normal parade of French, German, Italian and Russian collectors, plus a smattering of celebrities. Relatively few American accents were on display.
"There are an impressive number of European collectors this year - particularly Italians," said a spokeswoman for Frieze.
Of the 28 galleries which did not reapply to the fair this year, 13 were Americans. A stand at the fair costs £249 per square metre, which means - on top of airline flights, art transport costs and hotels - costs can run as high as £100,000 for the week. Some smaller galleries had been priced out of the market.
Elliot McDonald, an adviser at Hiscox, said he had bought several pieces at Frieze to add to the insurer's in-house collection. He took note of the high proportion of European buyers. "I suppose its a bit like the housing market, Europeans are making the most of the low Pound. The market is becoming a little more fluid again."
Gregory Muir, director of the London-based Hauser & Wirth Gallery, was upbeat. He said - half-way through the week - sales at his gallery, which prices work between $20,000 and $1.5m, had already topped last year's total. He added: "We look forward to seeing more of our US friends in future, but it is good to see the Europeans out in force."
David Maupin, co-founder of Lehmann Maupin, one of the few New York-based galleries present, said one of their most popular pieces was a bespoke project by British artist Tracey Emin, which had already attracted five buyers offering $65,000 apiece for her personalised sentence made out of glowing neon filament.
Maupin noted that the market had been forced to adjust to the boom years. "People want bigger discounts, or are asking whether they can pay instalments over three months. You have to be flexible now."
According to information provider ArtTactic, art prices in the first week of October have dropped 37% year on year.
The show was, once again, a magnet to celebrities and high-profile collectors. US actress Gwyneth Paltrow, UK singer Lily Allen, Italian and UK fashion designers Valentino and Stella McCartney and Russian tycoon Roman Abramovich with art-dealer girlfriend Dasha Zhukova.
Frieze is one of the largest international art fairs in the world representing over 160 galleries and with an estimated footfall of 60,000, sponsored by German bank Deutsche Bank.
For the fourth year, the bank is providing an educational programme - Frieze Education - which will be delivered by the Royal College of Art, building on last last year's partnership.
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