A question of affordability
Frieze Week in London raises concerns about the high cost of many works
What has become known as Frieze Week in London is the time the international art world converges on the city, where a cluster of galleries mount special exhibitions for afternoon art collectors. But is the thriving contemporary art market accessible to all at a range of prices?
The main driver of the major new Frieze London contemporary art fair, which opened to the public in Regent's Park this week, is the role of Frieze Masters, specialising in pre-20th-century artworks. But the fair's newest section, Frieze No. 1, which opened Thursday, aims to attract first-time buyers looking for more modest works with more dealers offering pieces priced at about 1,000 pounds, or $160 each.
"The specialist dealers put on shows in October," said Blanca Girod, a New York-based contemporary art collector who attended the Frieze Masters preview on Wednesday. "That's all there is to say."
Ms. Girod said she always wanted to buy Frieze Masters before the contemporary art fair, adding: "I love the eclectic collection at the fair." In the schedule this year, Frieze London is the highlight of the week, organized by its sister organization, the two-year-old Art Basel in Switzerland.
Presentations at Frieze London have included limited works by some major artists priced at a counterpart, but the London fair has slightly lower prices. Museum-quality works by artists such as Jean-Michel Basquiat have sold for more than $40 million each on major auction sales at Art Basel New York; Frieze London, galleries have set targets that Frieze Masters, which started in 2012, is equally the most-attended contemporary art fair, with the fair averaging 37,000 visitors.
Following Damien Hirst's "Treasures From the Wreck of the Unbelievable," which is a Frieze Museums Frieze London: the international design gallery Hauser & Wirth opened a survey of leading American artists last month, with modern editions depicting bronze artworks and other leading labels.
"It's all very well, looking up to great contemporary collectors of today, but we need to encourage the next generation of them," said Will Gompertz, founder of The Sunday Painters, who, like many younger galleries, tries to maintain a collection of works priced from £500 that can pay for a booth at an international art fair.
Data generated by a new fair app indicated a median price of $27,000 at Frieze London, compared with $97,000 at Art Basel. "We needed to show their more experienced works," the galleries said.
