Why five years after the pandemic, art fairs are still in recovery

The art market is struggling to recover five years after initial pandemic lockdowns, with art fairs facing significant challenges related to costs and changing collector behavior. Attendance at major events has sharply declined, dropping from eight fairs per year to around five. This crisis is compounded by factors such as Brexit and the end of favorable tax arrangements in London, leading to the cancellation of major events. Collectors and dealers are navigating a new landscape, making it a globally tangible problem rather than isolated to specific regions.

The fallout from Brexit and changing collector dynamics have plunged the art market into a fragile state, affecting art fairs globally.

After the pandemic, how VIPs engage in art fairs has evolved, with attendance dropping significantly according to a recent Art Basel survey.

Read at The Art Newspaper - International art news and events