Nothing compares to the frenzy that surrounds art fairs: crowds of people standing shoulder to shoulder, going from one booth to the next, weaving through jolting, serpentine passageways, only to come across the most exquisite artwork to add to your collection.
Is it true that people still go to art fairs, or is technology changing how we consume art on a bigger scale?
So, what's the long and short of it? Over the last ten years, the number of international art fairs has increased from ten to sixty as the art business has become increasingly globalised. Art fairs will continue to be the most common economic model for the art market in the next ten years, but there are a few destabilising aspects to be wary of.
Attendance Numbers are Being Affected by Increasing Online Sales and Current World Events
People who want to travel are provided with a desirable, densely populated audience because fairs bring together galleries, dealers, collectors, and artists in one region for a limited time. To put it another way, you get the most bang for your buck.
Smaller, regionally focused art fairs must compete effectively with their more well-known older brothers while improving a city's tourism pull.
As a result of the oversupply, art purchasers are choosy about the quality of art they purchase, and they prefer to avoid overcrowded spaces. Given the market's unpredictability, people are being more deliberate about matching quality to their budget.
These factors contribute to a slowing of art fair sales and a squeeze in the middle, affecting the quality and inventory of second-tier art fairs.
Galleries are experimenting with new, less expensive ways to attract visitors
For galleries that rent empty storefronts and use the space for temporary exhibitions and pop-up events, creativity abounds. These galleries are setting the standard for urban revitalization. Collectors may think about artwork they like and decide when to buy it in a pop-up venue, which is a process that doesn't happen as quickly at an art market.
Smaller galleries benefit from alternative settings since they get attention they wouldn't get otherwise.
People Want Mind-Blowing Art Experiences at Art Fairs and Pop-Ups
When art fairs become prohibitively expensive for galleries and stifling to artists' originality, galleries and artists are increasingly turning to social networking and unusual commercial prospects to find clients.
Art fairs, on the other hand, have recently taken over our perception of art. These business models will continue to change in a market flooded with creatives, adapting tried-and-true tactics to new ways to connect collectors, artists, and artwork.
With business-savvy directors in charge, these one-of-a-kind events may be able to provide reduced expenses and more benefits to galleries who are unable to compete with larger art fairs. Art fairs, on the other hand, remain the gold standard for producing high-density, limited-edition events packed with excited dealers, collectors, and artists from all over the world.