AFP covers ARCO and the theme is art as a good investment. The reasoning goes like this: art is down in price, good time to buy. But investors have a concept called value traps where things look like a good deal but never produce a return. That may not be the case with some artists.

ARCO director Lourdes Fernandez said some foreign galleries declined to take part in the six-day fair this year because of the global economic crisis. “It is undeniable that the economic recession will affect the fair,” she told reporters on the eve of ARCO’s opening. “Sales will not be like in past years, but they will not be bad. We want to convince people that, even though there is a crisis, art in a very important component in people’s lives, it is enriching and a good investment,” she added. [ . . . ]

The fair is turning its spotlight on emerging markets once again this year, with India as the featured country. Brazil was the spotlighted nation in 2008. Thirteen galleries and 50 artists are taking part in the “Panorama India showcase put together by Mumbai-based curator Bose Krishnamachari who said he had sought to highlight “talent and creativity” during recessionary times. Organisers said the rise in the number of private collectors in India, the nation’s booming economy and the constant appreciation in value of its artists make the Indian market “one of the most promising focal points for contemporary art in the 21st century.”

Gloom at Major European Fair as Boom in Sales is Seen As Over (AFP)