In 1967 when Rudolf Zwirner and Hein Stünke started Kunstmarkt Köln (now ART(now ART COLOGNE), a trade fair for classic modern art, post-war art and contemporary art, they could not have anticipated that art fairs are going to become a ubiquitous part of the contemporary art market. 

According to the ‘Art Market 2023’ report by economist Clare McAndrew, there were 333 art fairs worldwide in 2023. The same report projects that this number would go up to 377 art fairs globally in 2024, still not meeting the peak of 408 in 2019. While these fairs may have found their beginnings in the much larger world of trade fairs, they quickly left this space to become elevated spaces of both cultural and economic importance, cementing their presence in the art world.

With the attendees traveling all over the world, and in between private parties and exclusive VIP lists, art fairs have become prestigious events that play a key role in trend-setting, taste-making, reimagining and innovating the way exhibitions are made. At India Art Fair 2024, this was evident with the inclusion of a design section, inclusivity lab, and space for institutions. 

While the attraction of the VIP days of an art fair cannot be undermined, art fairs also attract the largest crowds on any other days. They serve as an introductory point and an avenue for a larger audience that is attracted by the art world throughout the year via gallery openings.

Even as the participation costs in the fair are rising, art fairs remain an important avenue for galleries to make sales and meet new collectors. According to reports by Art Basel, UBS, and Artsy, art fairs contributed 29% to the total sales in the art market in 2023. At the same time, as art fairs provide a unique opportunity to collectors to view works from multiple galleries in the same space, they are crucial for interactions between galleries and new collectors. 

 

As they see participation from galleries and institutions from all over the globe, art fairs play a pivotal role in creating a global art world. This specific engagement introduces parts of the world to people who would otherwise not be able to engage with this avenue in a physical space. This year, India-based Vadehra Art Gallery participated in Art Basel Hong Kong, Latitude 28 and Shrine Empire presented works at Art Dubai, Chemould Prescott Road and Kiran Nadar Museum of Art were present at the Venice Biennale among others. Similarly, India Art Fair 2024 saw participation from Aicon Contemporary, the Australian High Commission, Britto Art Trust, Galleria Continua, among others.

Art fairs also solidify credibility for artists whose works are presented by galleries. Not only this, they also help artists find unbounded newer audiences for their works, and create space for dialogue between the two. Likewise, they present a unique networking possibility for curators, artists, and all the other key stakeholders in the art world alike.

Even with the advent of newer digital formats like online viewing rooms and marketplaces, art fairs have proven that they will not be pushed into obscurity. If anything, they innovate to accommodate these formats, to evolve each edition. For instance, in October 2023 Art Basel appointed Hayley Romer as the Chief Digital Officer to accommodate newer digital formats. Similarly, India Art Fair has created a collaboration with Apple for artists who create works in the digital space. 

While we have established how indispensable art fairs are to the art economy, we must be aware that these are not without their faults. Despite their attempt to be inclusive, these fairs still often cater to the upper-class social life. Even their best attempts at inclusivity are often met with criticism. However, as is true of their ability to adapt technological advantages, art fairs only need to listen and adapt as they go. 

Art fairs, needless to say, are persistent and despite a sluggish art market. The future of art fairs are only projected to grow in numbers and size. 

Galleries are now putting shows together, like Château Shatto and Zwirner Gallery,  which put a show together earlier this year. The art world, in general, is also adapting newer models to foster the spirit of collaboration as is characteristic of the art world.