London in the ‘Art Fair Era’
Jiyoon Lee

The first decade of the 21st Century saw a phenomenal growth in the contemporary art market, with the market growth figure being 385% for London and 185% for New York during the 5 year period of 2001 – 2006. Currently, London accounts for 34% of the contemporary art market, second only to New York with 45%. The revenue of Frieze art fair 2007 alone during the 4 days show was a staggering GBP 200Million. Although there are fears that the art market is heading for a period of correction, it has remained strong even in this time of sub-prime crisis and the resultant credit-crunch.

It is worthwhile noting that although London has a long history and tradition on art collection, as well some notable collectors, prior to 1980s there were only a few British artists who were of international stature. The examples of such artists were Richard Hamilton, Anthony Caro, Henry Moore and Lucien Freud.
However, the appearance of yBa artists in the late 1980s, and their success in the international art scene, became some of the main factors that galvanized the British art scene and art market, and this trend has continued with the coming of new artists into the art scene.
Also, the presence of active large-scale collectors such as Charles Saatchi, Vanessa Branson (wife of Richard Branson), Robert Devereaux, David Robert and Amir Shariat, large number of diverse exhibitions by various cultural centres, as well as the Frieze Art Fair, which was founded in 2003 with the collaboration between Frieze magazine and Deutsche Bank, played and important part in helping the market grow.

This is especially the case for young artists as they need the support of the market to be given a chance to realize their work as well as progress their career. Of course, there is a question of which comes first i.e. art or market, however there is no denying that the presence of a dynamic art market provided a positive context for the artists to work and grown in. London is now a home to numerous ‘star’-artists, including Damien Hirst, Sarah Lucas, Tracey Emin, Marc Quinn, Peter Doig, Chapman Bros., Chris Offili and Gilbert & George. Some, like Paul Fryer, who jumped to a ‘star’-artist status soon after his graduation from Goldsmiths College by being picked up by Charles Saatchi soon.

Frieze Art Fair and Zoo Art Fair

Frieze Art Fair is different from many other major art fairs in that whilst other major art fairs accepts application from galleries, Frieze Art Fair operates on invitation only. It is also known to be the most artist-orientated and hence the most experimental art fair in the world. However, I do not see much difference from other art fairs as those in Basel or Miami. If there are differences, it could be that as the Frieze Art Fair was sited in the middle of the Regent Park it was possible to have large-scale sculptural/ installation project there.

In fact, Frieze Art Fair 2007 was so conservative that it was disappointing. It may have been due to the effects of the sub-prime mortgage crisis, but most collectors went for ‘safe’ and ‘conservative’ art works, and galleries themselves focused on smaller pieces, instead of larger, more expensive ones. In some cases, I felt that there were more interesting artworks in the exhibitions held at their own galleries then the ones brought to their booths in the Art Fair.
Also, some galleries such as Gavin Brown Gallery offered 20th century vintage pieces instead of artworks, making their booth seem like part of a car-boot sale. However, sales were very successful. In the first day of the Fair which opened with the VIP opening, the public was allowed in as groups at specific time to reduce crowd congestion i.e. 11AM, 2PM, 5PM and 7PM. Most of the major pieces were sold by the customers of the first group in the first day.

Other Art Fair which has shown impressive growth in 2007 was the ZOO Art Fair. Founded a year after the Frieze Art Fair, with the sponsorship of major dealers, it was so named because their first event opened in the Zoo within the Regent’s Park. The ZOO Art Fair has since moved to the building next to the historic Royal Academy near Piccadilly Circus, and has now established itself as one of the must-go Art Fair in the world. During the first edition of this art fair, most of the galleries taking part were less then 3 years old. Since then, there have now been 4 editions of the Zoo Art Fair, and has become one of the most important second-tier shows, with galleries taking part being less then six years old.

In 2007, 61 non-British galleries also took part, with approximately 12,500 attendees. The sales figure for the two day period was GBP2.8 million. This is an impressive figure if one notes that the average price of the artworks was approximately GBP5,000, and that most of the galleries that took part were owned and managed by young dealers in their 30s.

Beth Green, the dealer of a year-old Rokeby Gallery and taking part in the Zoo Art Fair for the first time, commented,” Our Gallery is young and small, but we will grow and mature together with the artist. This seems to be the common vision of most of the galleries who take part in the ZOO Art Fair.” From this comment, the identity and personality of the Zoo Art Fair can be ascertained, as well as maturity of these young dealers. Although ambitious, their ambition is tempered by common sense and maturity, with realization that one needs to build a strong foundation and grow from there.
There have been cases when suddenly-successful artists were taken away by other major galleries, but there can be no doubt that these young dealers play a major part in the current dynamic growth of the British contemporary art scene.

Now is the time for Passion for Art!!

Since its early days, the Frieze Art Fair committee has placed a lot of importance on lecture programs. Year 2007 was no exception and there was an interesting programme which suggested the new attitude and direction towards art collection which collectors should take. Most of the lectures included criticisms towards the ‘productisation’ and ‘capitalisation’ of art, making it part of ‘New Capital’. If in the past the art collection was dominated by individual passion and greed, the current state seems to be that these passions are no where to be seen, with the idea of art-as-investment now dominating the mindset of collectors. It may be paradoxic, but all speakers agreed that one can not invest in art properly if art is approached as investment only, citing many examples.
And this is true. As Louisa Buck, the author of “Owning Art”, and Adam Lindemann, the editor of Taschen Books both agree, that buying art only for the purpose of investment will never become a worthwhile investment. The love for Art must be the basis for all art collection. In practical terms, this means that one should learn and research into the work, and that collector must continuously increase the scope and area of his understanding of art. Only in this way would the purchased artwork have any meaning for the collector, as well as having true investment value.

Another point to consider is this; as Adam Lindemann states in the introduction of the book,”If you want to start collection for decorative purpose only, please close this book”. Art Collection requires more than money, more than a desire to hang it on the living room. The act of Art Collection requires passion, knowledge and love for art, as I found out again when I visited the Frieze Art Fair.