Frieze Art Fair, London
Will Chinese buyers ride to rescue? Will the rich and Investment Funds decide painting and sculpture is a better investment than volatile stocks or risky debt? These questions are on the art world lips as hundreds of galleries and collectors descend on London for the annual contemporary fair on the Oct 13-16 Frieze Art Fair in Regent’s Park.
Mr. Matthew Slotover, co founder of Frieze, conceded concerns over a slow economic growth and Europe’s debt crisis could weigh on the fair. But he argued that investors may prefer to put their money into a painting than a paper of asset. ” It is something tangible and real” He also see the demand from Asia’s growing number of wealthy collectors.
Auction houses in London will offer works valued at US$ 160 million and the art displayed at Frieze is estimated to be worth US$ 350 million. Art is continuing to attract collectors.