‘Paris is booming’: New art fair attracts multi-million-dollar sales
CNNCNN — While it is an indisputable cultural capital, Paris has long been overlooked as a place to buy and sell contemporary art. With neighbors Britain and Switzerland home to Europe’s largest art market and the world’s largest art fair, respectively, France has often struggled to secure its status as a hub among collectors. Hosted in Paris since 1974, FIAC was typically held at the Grand Palais the week after Frieze London, though it struggled to match the blockbuster sales of its UK rival or Art Basel’s original edition in Switzerland. Speaking to Reuters, gallery owner Kamel Mennour said that working with Art Basel had helped attract “a new type of public, coming from America and Asia.” “Paris already has a lot of energy, but this creates an acceleration,” said Mennour, who reported selling two works by sculptor Alberto Giacometti for $2.75 million and $1.45 million, respectively. “Paris is booming.” Several major new galleries have opened in the city in recent years, with dealers speculating that France may benefit from the uncertainty cast over London’s art market by Brexit.
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