The Art Newspaper went to the Sao Paulo art fair, SP-Arte:
While the fair brought in $18m in revenue last year, this year’s projected amount could hit $24m considering dealers’ predictions, though figures were still unofficial by the time this report was filed. Despite the financial success, however, the fair has yet to become more international, as deals were struck mostly between local galleries and collectors with only a few foreign buyers attending and more timid sales at booths from abroad.
“Local galleries here sold everything on opening night, it’s something I haven’t seen happen anywhere before”, said Mexican dealer Enrique Guerrero, adding “It is difficult to sell in such a local market.”
Sao Paulo Fair Ramps Up Sales (The Art Newspaper)