Brexit shifts European art market center from London to Paris

Seven years after the Brexit referendum, London has lost its status as the undisputed capital of the European art market, with Paris now emerging as the new hub. This shift is highlighted by the concurrent Frieze London and Paris+ fairs. Frieze celebrated its 20th anniversary but saw galleries focusing on the secondary market and established names like Damien Hirst at Gagosian. A highlight was the focus on female artists, including Marina Abramović, who had a major retrospective at the Royal Academy—the first woman to receive such an exhibition in 255 years. The Women in the Art Fair (WIAF) launched after a pandemic delay. Brexit has increased customs checks, tariffs, and bureaucracy, making London less attractive for art transactions. Mega-galleries like Gagosian, David Zwirner, Galerie Max Hetzler, and White Cube have opened in Paris. Paris+ par Art Basel, curated by Art Basel, features over 150 galleries and aims to surpass Frieze in size by moving to the renovated Grand Palais. Highlights include a $40 million Rothko at Pace Gallery. The fair reflects a risk-averse market focused on established artists and secondary works. Security concerns due to the Gaza crisis led to evacuations at the Louvre and Versailles. Experts predict a duopoly between Paris and London, but economic uncertainty may slow the shift.