London Art Fair participants predict market will blossom in 2015

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2015 will be a bumper year for art sales, according to gallerists taking part in the London Art Fair, which kicks off tonight.

The 27th edition of the fair, which runs until January 25, brings together 128 exhibitors ranging from established UK-based Modern British and contemporary galleries to innovative emerging spaces in Art Projects; as well as international gallery presentations from Milan, Paris, Toronto and New York.

A survey of exhibiting galleries reveals that over half of them think that the economy will get better in 2015. Only 6% think that the economy will worsen; and half think that there will be an improvement in art market fortunes in 2015.

Increased opportunities to show work internationally and collaborations and partnerships with other galleries are seen as the factors which will have most impact on the market.

Following a record year for the art world, galleries are a little less bullish than they were at the same time last year, when none of them saw a shrinking of the art market in prospect, but pessimism is still in short supply, with only 4% thinking that the market will fare worse than the previous year.

Galleries were also asked about which opportunities they see having a positive impact on the art market. Almost a third, 30%, cited increased opportunities to show work internationally, while 27% are looking to collaborations and partnerships with other galleries to grow their reach.

Sarah Monk, director of London Art Fair, commented:  “It’s great to see the art world maintaining confidence at the start of 2015 and we’re looking forward to another successful Fair next week.

“Within this year’s Fair we’re reflecting the trend for both partnerships and collaborations, with our ‘Dialogues’ section in Art Projects and the growing importance of the international market, with an increase in our international exhibitors to 14% and a panel discussion on the Globalisation of the Art Market on Friday 23 January.”