Frieze London Art Fair Reports Solid Sales Despite Economic Headwinds
London’s annual Frieze Art Fair concluded today with reports of robust sales, signaling continued resilience in the art market despite ongoing economic uncertainty and recent tax changes impacting wealthy collectors.
Several high-profile sales were reported on the first day of the fair, including Michael Landy’s Multi-Saint (2013), acquired by the Contemporary Art Society’s Collections Fund for the Walker Art Gallery in Liverpool, for approximately €125,000. Hauser & Wirth reported selling around 33 works across both Frieze London and Frieze Masters, with René Magritte’s Le domaine enchanté (1953) fetching $1.6 million and Gabriele Münter’s The Blue Garden (My Garden Gate) (1909) selling for SFr2.4m ($3m) – the highest reported sale at the time of writing. “This is a confidence-based game,” noted gallerist Josh Lilley, adding that the market now demonstrates “a more considered approach” to acquisitions. This comes as the UK art market navigates the effects of Brexit and evolving financial regulations.
While some anticipate a shift in the collector base due to recent changes in the UK’s non-dom tax status, gallerists observed a continued strong presence at the fair. Neil Wenman, Hauser & Wirth’s creative director, stated that sales “talk for themselves…people have been asking ‘has Frieze Week changed?’, but actually, loads of people are here.” Smaller galleries also experienced success; Cecilia Brunson Projects sold all eight woven works by the Indigenous Wichí collective Claudia Alarcón & Silät within the first hour, ranging from $19,000 to $55,000. The art market’s performance is often seen as a barometer of broader economic confidence, and these sales suggest a degree of stability despite global challenges. For more information on the art market, see the Art Basel and UBS Art Market Report.
The fair also highlighted a growing appreciation for quality and meaning in artwork, with increased interest in artists like Robert Rauschenberg, coinciding with the centennial of his birth. Lisson Gallery sold two paintings by the late Sarah Cunningham, with one destined for a US museum, reflecting a desire for works with personal significance. Officials anticipate continued, albeit cautious, growth in the art market as collectors prioritize enduring value over speculation.
The Frieze Art Fair will continue to be a key indicator of trends in the global art world, and organizers expect to release a full report on sales figures in the coming weeks.
