A TALE OF TWO CITIES: LONDON VS. PARIS, THE ART WORLD’S ONGOING RIVALRY

This bustling auction scene wasn’t always the case. When Frieze debuted in Regent’s Park in 2003, the auction houses held Contemporary art sales, but they were more like mid-season affairs—far from the major events they would later become. Frieze injected new energy into London’s art scene, and by the 2010s, the auctions had grown into essential fixtures on the art market calendar. The success of Frieze was immediate, and the introduction of Frieze Masters in 2012 further expanded its appeal. Collectors, both seasoned and new, as well as the general public, were drawn to the opportunity to see exceptional art from across centuries, learning how past artists and movements have shaped the contemporary scene. The walk through the park between the two fairs (London weather permitting!) has become an iconic part of the Frieze experience, made even more enjoyable by the outdoor sculpture exhibition.

The art market in London has shifted significantly since Brexit. The UK's exit from the EU has introduced new hurdles, especially for transactions with Continental Europe. Increased taxes, additional bureaucracy, and more complicated import and export procedures have raised costs and slowed down operations for galleries, auction houses, and collectors on both sides. While trade with the U.S. and Asia has been largely unaffected, the European impact is notable, with a decline in consignments from the continent. In response, many galleries and art-related businesses have begun establishing branches in various European cities, with Paris emerging as a primary center for maintaining connections with EU clients.

Paris, of course, has always been a major cultural capital, boasting an unparalleled infrastructure of museums, galleries, auction houses, and educational institutions. Although it lost its status as the leading art marketplace to New York after World War II, with London becoming the second most important center, the city is now stepping back into the spotlight. The shift began in the late 1990s when France abolished a centuries-old monopoly, allowing non-French auctioneers to operate. Sotheby’s and Christie’s, who had long maintained a presence in the country convincing French clients to sell abroad, rapidly expanded their Paris operations. This growth continues today, as evidenced by Sotheby’s opening a lavish new headquarters in the heart of the city.

Private museums have also played a crucial role in Paris' resurgence. The Fondation Louis Vuitton, with its bold Frank Gehry design and the backing of luxury titan Bernard Arnault, has made a significant impact. While Paris doesn’t need a “Bilbao effect,” the exhibitions it hosts, such as Rothko and Monet-Mitchell, showcase the kind of scale and ambition only possible through Arnault’s financial resources and personal art collection. Meanwhile, Arnault’s business rival and Christie’s owner, François Pinault, has also left his mark, opening his own museum in the historic Bourse de Commerce.

In 2022, Paris further solidified its place in the art world with the announcement of a new fair—Art Basel Paris. Originally named Paris+, the fair has rapidly gained prominence and, this year, will be held in the newly renovated Grand Palais. Taking place just a few days after Frieze London, Art Basel Paris raises an important question: Will collectors attend both fairs, or will they choose between them? This choice is particularly significant for those traveling from long distances, such as the U.S. or Asia. Some may embark on an extended European art journey, moving from London to Paris, while others may focus on just one destination. With Paris also basking in the global attention of the 2024 Summer Olympics, many visitors may be drawn to the City of Light, eager to not only experience its flourishing art scene but also catch a glimpse of the iconic Olympic rings adorning the Eiffel Tower, adding yet another layer of allure to their Parisian visit.