“Frieze” is not just a brand, it was an ecosystem. When two fresh graduates of Oxford founded Frieze magazine in 1991, they did not know that they were to achieve the following: merging art professionals and amateur enthusiasts into one readership (or even one authorship), bringing together London’s different art sectors, and helping make the city an international art hub — during the rise of the Frieze brand, London saw its number of international galleries grow tenfold.
After Brexit, Paris and Milan with tariff advantages and influential foundations/private collectors have become the new up-and-comers in the art fair circuit. It remains to be seen, what dynamics Frieze, now an “old” and established brand, will create in the new setting. The CEO of LA-based Endeavor Group, main shareholder of the Frieze brand since 2016, once compared Frieze LA with Basel Miami. Is LA “the artists’ city” like New York, or like Miami, a beach resort for billionaire collectors? Or it is rather akin to London before the 1990s, with a strong film and music industry yet to be blended with the art sector?
How should Frieze LA assign its focus and energy? According to ArtTactics’ statistics, the high-end sector of the global art market saw a 30% decline in 2023, while artworks priced at $50,000 or lower saw an 18% increase in sales volume. 2024 seems to be a good time to cultivate younger stars and new collectors: the fresh galleries that will join Frieze LA this year, especially a few vibrant New York galleries (Kasmin, Petzel, Rachel Uffner Gallery to make their debut), are very good at that.
Essa J. Lou, free-lance critic and consultant to art collectors