From FRIEZE to FIAC: The return of market confidence

November 2010

This article was produced by leading international art advisory firm 1858 Ltd* who provide independent and impartial advice to HSBC Private Bank clients in all aspects of the collecting process in association with the HSBC Private Bank art and design advisory team.

*1858 is a third party company which is not owned by any HSBC entity and is not a member of the HSBC Group.

If art fairs can be considered a barometer for measuring confidence in the art market, recent successes in London and Paris indicate that confidence has indeed returned. In mid-October, London’s FRIEZE and Paris’ FIAC had major art-world players captive with an abundance of opportunities for collector’s to encounter exceptional works of art.

At FRIEZE Art Fair, London’s largest commercial event devoted to Contemporary art, an estimated $375 million of art was on display. With dealers taking hints from the mounting auction tallies and growing number of international collectors returning to the market, gallery booths offered more expensive art in comparison to previous years. One definite indication of a healthy market is the fact that dealers had to press their best artists for fresh pieces - meaning that the months leading up to Frieze have been profitable, with works moving. The new works offered at FRIEZE had a potent effect with a reported higher energy than years previous, an exuberant appetite and early sales. Marc Quinn’s new life-size bronze sculpture of a hooded youth holding a skull, sold two editions almost as soon as the fair had opened, for $315,000 each. Anish Kapoor, Marina Abramovic, Damien Hirst and Luc Tuymans’, each in the $350,000 to $1.5m price range, also sold in the early moments of the fair, indicating confident and well-researched collectors.

Across the channel at the Grand Palais, Paris’ leading Contemporary and Modern art fair FIAC hosted 192 galleries from 72 countries. Throughout the four day event, the fair witnessed strong and steady sales including a handful of million-dollar purchases including a Richard Prince Nurse painting (rumoured to have sold for $3 million) as well as Basquiat’s painting ‘The Whole Livery Line’ ($1.1 million). Like FRIEZE, FIAC dealers offered stronger, more expensive works than last year and were overwhelmed by sales in the early moments of the fair, reinstating that confidence has indeed returned to the market.

The overall success of these recent art fairs sets an exciting precedent for the November auctions in New York and what lies ahead in 2011.

To learn more about the HSBC PB Art & Design Advisory service please contact the dedicated helpdesk on:

T: + 44 207 692 4884
E: hsbcpb@1858ltd.com

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