Art Fairs as the Backbone of the Global Art Market: Insights from Art Basel Report and Fair Directors

The Art Basel & UBS Art Market Report remains the most comprehensive analysis of the art market since the TEFAF Art Market Report ceased in 2018. The 2016 data shows the market was worth $56.6 billion, with 43% of transactions at auction and 57% through dealers and galleries, half of which occurred at fairs. Fair participation grew 5% in the last year and 57% since 2010, despite rising costs. Art fairs now underpin a quarter of the global art market, especially during crises like 2016. In 2017, auction houses rebounded: Sotheby's reported a 13% increase and Christie's 26%. The article also features interviews with fair directors Ilaria Bonacossa of Artissima and Zélika García of Zona Maco. Bonacossa emphasizes Artissima's focus on emerging artists and experimental nature, noting the renewed popularity of drawing as a medium. García highlights Zona Maco's 'Program for the Promotion of Collecting' for young collectors and the launch of ZsONAMACO Salón del Anticuario in 2014 and ZsONAMACO FOTO in 2015. Arco Madrid reported strong sales in February 2018, returning to pre-crisis levels, and launched the hashtag #mecomprounaobra for works under €5,000. The article questions whether strategic alliances among trendsetting fairs could create a structured network to enhance competitiveness.