Italian art fairs and local economies: strategies for growth
The article argues that while art fairs can generate significant economic impact on their territories, this only occurs within dynamic societies. Italy, described as stagnant, lacks the dynamism that made Art Basel successful in Hong Kong. The author, Stefano Monti, contends that art must create dynamism where it is absent. Key challenges for Italian fairs include cultivating new collectors, as the current market is mature with few young entrants and a preference for established modern art. Fairs are uniquely positioned to attract crowds and foster new collectors, but they must move beyond a simplistic focus on tourism revenue. The management of a fair is crucial; growth cannot rely solely on renting more square meters. Instead, a new business model is needed with a yearly horizon, the city and territory as the geographic scope, and all local stakeholders as partners. The article was published on Artribune Magazine #43.
Key facts
- Art fairs have direct economic potential for their territories.
- Italy is described as a stagnant society waiting for death.
- Art Basel's success in Hong Kong is cited as evidence of the need for dynamism.
- If society lacks dynamism, art must create it.
- Creating new collectors is a primary objective for fairs.
- Italian collecting shows a mature market trend with few new young collectors.
- Fairs attract people that single galleries cannot.
- The management of a fair plays a fundamental role in its success.
- Growth cannot be measured by rented square meters alone.
- A new business model should have a yearly horizon and the city/territory as its scope.
- The article was published in Artribune Magazine #43.
- Stefano Monti is a partner at Monti&Taft.
Entities
Institutions
- Art Basel
- Artribune
- Monti&Taft
Locations
- Hong Kong
- Italy
- Milan
- Naples
- Rome
- Benevento
- Crotone
- London
- New York