Exhibitions and Art Fairs
The evolving sales patterns have been influenced by the number of gallery exhibitions and art fairs that dealers have participated in over the last few years. The lockdowns and restrictions during the pandemic in 2020 and 2021 led to a significant drop in events, followed by a strong recovery in 2022. In 2019, before the pandemic, dealers reported holding an average of seven gallery exhibitions, with numbers ranging from five for those with turnover below $250,000 to 12 for the $10 million-plus segment. This average dropped to five in 2020 but recovered slightly to six in 2021 and returned to pre-pandemic levels by 2022, plateauing in 2023. Dealers anticipate maintaining a stable number of exhibitions in 2024. The increase in gallery sales has thus been due to the restoration of pre-pandemic schedules rather than an increase in the number of exhibitions held.
Regarding art fairs, there has been a notable recovery in events since the pandemic-induced lockdowns of 2020, but the number of events worldwide is still fewer compared to 2019. According to data from Artfairmag.com, which tracks global art fairs, there were at least 408 in-person art fairs held globally in 2019. The pandemic caused most of these events to be canceled after the first quarter of 2020, reducing the total to just 133 live events for the year, with an additional 75 virtual fairs, totaling 208 fairs including both live and online events. Live events resumed in 2021 and 2022, with online fairs being phased out as live shows returned, though they remain important digital tools for many events. Despite continued restrictions in Mainland China in 2022, most fairs proceeded, and new fairs were launched, resulting in a net gain of 19 new fairs and the cessation of 15. The total number of fairs rose again in 2023 to 359, with some new fairs and cancellations within these figures.
Over the last few years, at least 85 fairs that were active at some stage between 2019 and 2023 have ceased operations, including three in 2023 (Masterpiece London, Fotofever in Paris, and BRUNEAF in Brussels). Additionally, 22 events held in 2022 did not have an edition in 2023 and had not formally announced closures by early 2024. However, new events continued to be launched: four new fairs in 2020, 17 in 2021, 19 in 2022, and 14 in 2023. Notable new events in 2023 included Art SG in Singapore and Tokyo Gendai in Japan, along with smaller fairs in the US and Europe, such as The Treasure House Fair in the UK.
Regionally, the largest increase in art fairs in 2023 occurred in North America, with a net gain of six live events year-on-year, followed by Europe with five, and Asia with three. However, compared to 2019, the number of fairs has declined in most regions, including a 13% drop in Europe (28 fewer fairs) and the US (17 fewer fairs). Numbers remained stable or declined slightly in other regions, with a net loss of one fair in Asia and three in the Middle East and Africa. The US remained the largest individual market for fairs, accounting for 25% of total events in 2023, up by 1% year-on-year. Over half of the fairs (53%) were in Europe, including 12% in the UK and 9% in France. Asia accounted for a stable 9%, with Mainland China and Hong Kong making up 4% of the total, up by 1% year-on-year.
Although the number of art fairs has declined since pre-pandemic 2019, the average number of fairs that dealers have exhibited at has remained relatively stable following a dip during the pandemic. For dealers who participated in at least one fair in 2022 and 2023, the average number of fairs was four in 2023, stable from 2022 and up from three in 2021. After a drop to two in 2020, numbers have returned to their 2019 level. Dealers with higher turnovers reported higher numbers of exhibitions: those turning over more than $10 million exhibited at six fairs in 2023, the same as their 2019 average, and double the number of those with turnover below $500,000. Across all segments, despite changes in sales patterns, dealers exhibited at as many fairs in 2023 as they did in 2019, at least based on averages.
Examining individual dealer responses from 2022 to 2023, among those attending fairs in these years, 55% exhibited at the same number of fairs in 2023 as in 2022, 26% exhibited at more, and 19% exhibited at fewer. Despite comments on rising costs and lower shares of sales, this had not yet led to a decrease in average attendance by dealers in 2023. Looking ahead to 2024, the average number of fairs dealers plan to exhibit at remains stable at four, though some dealers (25%) plan to attend fewer fairs, with 46% remaining stable and 29% planning to attend more.
Some dealers mentioned that while they were not necessarily reducing the number of fairs, they continued to evaluate events to focus on those offering the best returns. One dealer noted, "Fairs are not compulsory – no gallery has to do them. We make the majority of our sales at fairs, but we constantly assess the outcomes of each event and only participate in those that balance our financial investment."
Looking to 2024, although dealers plan to attend the same number of fairs on average, some (20%) were unsure about their art fair sales prospects for the coming year. Among those with a view, 39% predicted an increase in sales, down from 51% in 2022 and 65% in 2021. The share expecting a decline was consistent with the previous year (14%), while 46% expected stable sales. The outlook for art fair sales at the end of 2023 was less optimistic across all segments, with the smallest dealers having the lowest share expecting a rise in sales: 39% for those with turnover below $250,000 versus 50% for the largest dealers with turnovers over $10 million. Despite fewer dealers expecting an increase, many thought sales would remain stable, and only a minority in each segment anticipated a decline, ranging from 4% in the $500,000 to $1 million segment to 18% for those with turnovers between $1 million and $10 million (who were also the most pessimistic in 2022, with 23% predicting a decline).
Gallery Exhibitions And Art Fairs (2019-2023)
Chart showing the number of gallery exhibitions and art fairs (both in-person and virtual) from 2019 to 2023. The data illustrates the impact of the pandemic on these events and the subsequent recovery.
