FIAC 2012: Art Market Defies Crisis with Mega-Gallery Expansions

The art market shows no signs of crisis, with major galleries expanding into vast new spaces. Thaddaeus Ropac opens a 4,700 m2 space in Pantin on October 15, 2012, designed by Buttazzoni & Associés, featuring Anselm Kiefer and Joseph Beuys. Larry Gagosian opens at Le Bourget in a 1950s industrial building renovated by Jean Nouvel and HW architecture, also with Anselm Kiefer. In London, Michael Werner opens a Mayfair space on September 26 with new Peter Doig paintings, renovated by Annabelle Selldorf; David Zwirner opens on October 5 with Luc Tuymans in a Georgian house renovated by the same architect. Zwirner's New York space on 20th Street opens early 2013. Despite this boom, smaller galleries face challenges. Isabelle Alfonsi of Marcelle Alix reports a difficult early 2012 but recovery since spring. Guillaume Sultana notes clients are more cautious. The World Wealth Report by Capgemini and RBC shows millionaires grew 0.8% to 11 million in 2011, but ultra-wealthy (over $30M) decreased 2.5% with wealth down 4.9%. New Asian, Middle Eastern, and Latin American fortunes drive art as status symbol and safe investment. Consultants now form a 'club of five' linking dealers, collectors, artists, and curators, recycling established names like Damien Hirst, Jeff Koons, Anish Kapoor, and propelling young artists like Sterling Ruby, Elad Lassry, Matthew Day Jackson, and Michael Riedl.