Country for PR: United Kingdom
Contributor: PR Newswire Europe
Wednesday, October 19 2022 - 02:52
AsiaNet the Paris+ art fair will boost the French art market; Artprice congratulates Mimosa Echard, winner of the 2022 Marcel Duchamp Prize
PARIS, October 18, 2022, /PRNewswire-AsiaNet/ -- the Paris+ art fair will boost the French art market; Artprice 
congratulates Mimosa Echard, winner of the 2022 Marcel Duchamp Prize

The international Art Basel organization (owned by MCH Group) is about to open 
its first Paris+ art fair (20-23 October), which replaces the FIAC. This change 
follows a wave of new gallery openings in the French capital, including 
Skarstedt, David Zwirner, and Peter Kilchmann, as well as the addition of new 
branches for Gagosian and Continua, and the inauguration of the Pinault 
Collection at the former Bourse de Commerce (Trade Exchange). Taken together, 
these developments clearly illustrate Paris's ambitions to recover a dominant 
position in the global art market in the post-Covid and post-Brexit eras.

Fine Art auction turnover in Paris, London, and Hong Kong

"Because of its history, Paris will always remain a center for Modern and 
Impressionist art; but the French capital must today forge a place for itself 
in Contemporary art and, indeed, in Ultra-Contemporary art, or risk missing the 
digital train altogether", says thierry Ehrmann, CEO of and 
founder of Artprice.

"The efforts deployed by the United States after WWII demonstrated the 
influence a strong market can have in stimulating artistic creativity and 
giving it international visibility. This is why we are very proud with to support the ADIAF ( Association for the International 
Dissemination of French Art ) and the Marcel Duchamp prize". 

A complacent Parisian market

Over the past twenty years, fine art auction turnover has progressed at the 
same rate in France as in the rest of the world, both in terms of the volume of 
transactions and auction turnover. But if we focus solely on the Contemporary 
Art segment (artists born after 1945), we see that Paris generated 3.2% of 
global auction turnover in 2000, but only 2.6% in 2021 and only 1.8% in H1 

Contemporary Art auction turnover per city: 2000 vs. 2021

New York: $59 million in 2000 Euro" $955 million in 2021

Hong Kong: $558,000 Euro" $700 million in 2021

London: $13 million in 2000 Euro" $432 million in 2021

Paris: $3 million in 2000 Euro" $73 million in 2021

It is this context that prompted the RMN (RA(C)union des MusA(C)es Nationaux) 
to launch a call-for-tender to rent its Grand-Palais for a new Contemporary Art 
Fair in Paris.  Previously granted to the FIAC for almost half a century, it 
has now been granted to the MCH group for the next seven years. The innovative 
proposals of the "Art Basel" fairs, organized by the MCH Group in Basel, Miami 
and Hong Kong, should revitalize a Parisian marketplace that has become a 
little too complacent. So instead of the 48th edition of the FIAC, the City of 
Light is about to discover the "grand premiere" of Paris+.

The Marcel Duchamp Prize awarded to...

The month of October is of considerable importance for the Parisian art market 
with numerous events profiting from the magnetic pull of its major Contemporary 
art fair. It also provides an excellent opportunity for the ADIAF to award the 
Marcel Duchamp prize to one of the four artists shortlisted this year: Giulia 
Andreani, Ivain Argote, Philippe Decrauzat, and Mimosa Echard. Artprice is 
proud to support this initiative and congratulates the 2022 winner, Mimosa 

During the week of 17-23 October, Artprice has identified no less than twenty 
Fine Art auction sales in the French capital. Christie's will be hosting two 
major sessions there ("Modern Art" and "Avant-Garde(s)"), and will also be 
dispersing the magnificent African collection of BA(C)atrice and Patrick Caput.

Sotheby's, for its part, has chosen to host its major Fine Art sales the 
following week (24-26 October), considering Paris+ and the tumult that will 
accompany it as a perfect springboard. 

"Phillips will not be opening an auction room soon in France"

The world's third-largest auction house, by Fine Art turnover, has confirmed it 
does not intend to host sales in the French capital. For the time being, 
Phillips is concentrating on the New York - London - Hong Kong dynamic for its 
high-end sales in its specialty fields: Contemporary and Post-War art (along 
with watches, jewelry, and design).

Bonhams, on the other hand, is following a completely different expansion 
strategy with the acquisition of Cornette de Saint-Cyr, active in both France 
and Belgium. Without overshadowing the French capital, Brussels offers a fairly 
natural development opportunity for many players in the Parisian art market. 
The Templon, Obadia, and Almine Rech galleries have gradually set up there, 
while others prefer Geneva or Luxembourg: two cities with free ports.

Fine Art auction turnover by period (in 2021) Paris vs. London and Hong Kong

Operation "Contemporary Art and NFTs"

The MCH Group has made Contemporary art the principal locomotive of its Art 
Basel editions by selecting only the most prestigious local and international 
galleries and creating synergies with the world of fashion and technology 
(hence the "+" sign in the name of the fair). The Tezos Blockchain Euro" of 
French origin Euro" has also become one of Art Basel's main partners. 

As we mentioned, Paris is indeed struggling to assert itself on the 
Contemporary and Ultra-Contemporary art market. Its best three auction results 
above $20 million in the first half of 2022 were for Old and Modern works:

l  Woman Walking [I] by Alberto Giacometti, from the Givenchy Collection

l  Basket of Wild Strawberries attributed to Jean-Baptiste-Siméon Chardin by 
the Cabinet Turquin

l  A Nude Man with two Figures reattributed by Christie's to Michelangelo

In H1 2022, the best French result for a Contemporary work (i.e. one created by 
an artist born after 1945) capped at $1 million, a threshold that, this year, 
has already been crossed 47 times in Hong Kong, 51 times in London and 71 times 
in New York.

Artprice by Artmarket's latest Ultra-Contemporary Art Market Report highlights 
the difficulties France faces when it comes to nurturing its own Contemporary 
art scene. For example, in 2021, paintings by Claire Tabouret Euro" the most 
successful French artist under 40 at auction Euro" were sold in London (49% of 
her auction turnover), New York (30%), and Hong Kong (20%).

Paris+ by Art Basel, therefore, has a mission to put the French capital back at 
the heart of the international Contemporary art market, while embracing its 
history and its specificity.   

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