Georgina Adam looks into her crystal ball as Frieze Week bears down on London. There are more works of art and the aggregate value of those works (£111m in the Frieze Auctions) is higher than last year. Yet confidence about the world economy recovering its footing is much lower this year than last leading Ms. Adam to observe that though there are many sellers, the more consequential question is whether buyers will show up:
- Art adviser Michael Frahm is looking to collectors from “new” economies to take up the slack: “People from China, Indonesia and Brazil are starting to play an important part in the market,” he says. The top end of the market will remain strong, he says, adding that “people will buy fewer mediocre mid-market works, and more young artists”.
- “This week is going to be a big test of the market, between the fairs and the auctions,” says [dealer Nicholas] Maclean. “We have the feeling that New York is a little quieter than it was. There is good material in the sales but I think people are going to play safe.”
The Art Market: Testing, Testing (Financial Times)
