for art, London is still where it’s at’

London’s artwork market has suffered—bodily and emotionally—for the reason that triple-whammy of Brexit, Covid-19 and the following excessive inflation atmosphere. However as we dive into the town’s summer time season, there are many encouraging dynamics.

Firstly, London doesn’t have only one intense artwork season—in contrast to, say, Basel, Los Angeles or Turin. Frieze Week in October has grown into the principle occasion for the reason that truthful opened 20 years in the past whereas, extra lately, the mix of Picture London, Eye of the Collector and London Gallery Weekend have given the capital a late spring increase. London’s world-class museums and thriving wider cultural credentials imply that there’s a lot to get pleasure from all yr spherical.

Town’s sights are appreciated internationally, with revamps at Tate Britain and the Nationwide Portrait Gallery contributing to their refreshed attraction. The UK capital is studying to woo its native tradition vultures, past the non-dom set, whereas efforts to broaden cultural choices exterior London are spectacular, in difficult situations; witness the well-received Soutine|Kossoff exhibition at Hastings Modern or Lucie Rie at Kettle’s Yard, Cambridge.

London Gallery Weekend proved that the town has at the very least 123 high-calibre sellers of latest artwork and reported greater than 50,000 guests, its greatest turnout but and “considerably” up from final yr, organisers say. These included curators from across the UK who have been hosted by the occasion. Knowledge from the Inexpensive Artwork Truthful group finds that gross sales and customer numbers have been up at its two London spring festivals this yr, with the typical value level up 29% on 2022 at its Battersea occasion. Inflation helps, however nonetheless the course of journey is encouraging.

Dented by Brexit

On the worldwide stage, too, London is wanting good, the place UK artists, previous and new, are more and more massive hitters. Among the many notable Twentieth-century works at this yr’s Artwork Basel truthful have been items by Bridget Riley, Paula Rego and Lucian Freud, whereas in-demand Twenty first-century names included Cornelia Parker, Alvaro Barrington and Glenn Brown. These got here courtesy of UK-only galleries we might be pleased with—Supply Waterman, Hazlitt Holland-Hibbert, Frith Road and Sadie Coles—whereas additionally on the roster of abroad and multi-national dealerships.

London’s standing as a buying and selling centre has positively been dented by Brexit, which—throughout the artwork market—has been to the benefit of Paris as properly as, extra considerably, to New York for Twentieth-century artwork and Hong Kong for the most popular new names at public sale.

At this prime, transactional finish of the market, and for grassroots galleries scuffling with the precise and reputational prices of Brexit, issues will doubtless worsen earlier than they get higher. The UK’s standing inside Europe stays massively off-putting to commerce and artists alike, and the political backdrop is just not at the moment culturally inclined.

However the UK nonetheless has a comparatively excessive and rising variety of artists who work right here (round 45,500, in line with 2022 estimates from Statista, in contrast with round 55,000 in New York, recorded in 2017), whereas companies are adjusting to the brand new regular. Classes have additionally been realized for the reason that pandemic—together with, fortunately, that individuals prefer to get out and see artwork. A historical past of a whole bunch of years of creativity and commerce, boosted by London’s internationally pleasant language and time zone, has not disappeared in a single day. If we will shake off the Brexit blues, there are alternatives available.