Aside from the glamour of international travel and the chance for greater visibility, Art Fairs are becoming an increasingly costly business operation for most galleries reporting narrower profit-margin over the last years. Reviewing the latest Art Economics and institutional figures, we dive deeper into the model also examining what do the rising costs mean for smaller businesses and specialists in African Arts for example in the market and how do they strategize to recover better while protecting both artists and their business.

Art Brussels, EXPO Chicago, TEFAF New York, 1-54 New York, Photo London, Art Basel, Art Basel Africa and many more…this spring is fuelled by an always-on art fairs calendar as fairs remain a privileged channel to discover new artists and the most-favoured for trade after gallery in-person visits. However in an inflated-economy and amidst rising costs, what are some of the challenges faced and does the model need rethinking ?

Ceased Operation, a falling number of fairs

As the market seem to reach a new normal following post-2020 disruptions, the global art fair calendar tells a story of resilience, but also one of contraction. While the industry has seen a rebound in physical events post-pandemic, 2024 marked a new low: just 336 art fairs took place worldwide, down from 407 in 2019 and the lowest count since 2021. However, behind the numbers lies a complex equation of cost, access, and evolving market behaviour. Over the last five years, 129 fairs have ceased operations while only 39 new events emerged in their place, two in 2024 : Mira in France and Paper Positions Vienna) while 31 others disappeared, including respected names like Masterpiece London, Outsider Art Fair Paris, and Art Beijing. The losses were most concentrated in Europe, long the hub of the global art fair ecosystem, which still accounted for 54% of global fairs.

What does this mean for the galleries that rely on fairs for visibility, sales, and new collector relationships?

Cost vs. Opportunity : Winners take it all ?

Art fairs remain a crucial sales channel for visibility, maintained authority and new client opportunity, especially for high-turnover dealers. In 2024, dealers turning over more than $10 million attributed 34% of their sales to fairs, up from 2023. But for smaller galleries, rising costs are creating a make-or-break scenario. Booth fees, shipping, travel, marketing, and hospitality have surged, forcing many to reevaluate their participation. Some report shifting their programming or artist representation simply to cover expenses. In 2024, 31% of dealers exhibited at fewer fairs than the previous year, a sharp jump from 19% in 2023 highlighting a laser sharp strategy when it comes to attendance. “Even the best-reputed fairs have become too expensive for a small, avant-garde gallery that isn’t backed by wealthy patrons,” one dealer noted.

For mid-size and emerging galleries, profitability at fairs increasingly feels like a gamble. Despite skyrocketing costs - including hospitality, shipping, marketing affecting profit margins narrowing, galleries exhibiting at fairs expressed not having the choice but to attend multiple events to maintain client visibility as collectors distribution has spread out over the course of last years and are becoming more selective about which fair to attend. Most galleries showing predominantly African and Global South arts fall into this category, having to navigate strategic implantation in blue-chip or specialised fairs vs calculated risks when entering new territories. As a matter of fact, we observe more and more galleries and dealers exploring others fairs away from the specialised African-Arts pack. (Cf TEFAF Maastricht, Drawing Now, ARCO Madrid, ZSONAMACO,…)

“Most galleries showing predominantly African and Global South arts fall into this category, having to navigate strategic implantation in blue-chip or specialised fairs vs calculated risks when entering new territories. ”

Sales Timing and Market Behaviour : navigating a saturated schedule and fatigue

The majority of fair sales still happen at the event itself (70% on average), but pre- and post-fair sales are gaining traction especially for larger dealers increasingly relying on pre-sales to offset risk, while smaller ones report post-fair follow-ups as their best shot at closing deals. The fair itself is often just the beginning of a longer relationship-building process. Interestingly, dealers serving younger or more politically engaged artists say that major fairs aren’t always their most successful venues. The image and prestige of participation may still matter, but not necessarily the ROI as some testify gaining broader visibility while losing money in a ubuesque paradox.

One emerging challenge is the sheer density of the calendar. As we are writing this analysis, no less than 24 fairs are set to happen in the next 8 weeks leading up to Art Basel including Art Brussels, EXPO Chicago, TEFAF New York, 1-54 New York, Photo London, Volta and Art Basel Africa. This always-on model is said to have a strong impact on decision-making when it comes to attendance as fairs are often scheduled too closely together, leaving little room for the market or their artists to recover. Repetition of works, collector fatigue, and reduced urgency to buy are just some of the outcomes. Intentionality may play a crucial role in the near future in order to restore the sense of privilege for collectors and visitors while also allowing artists to recover and produce work at a smoother pace.

“This always-on model is said to have a strong impact on decision-making when it comes to attendance as fairs are often scheduled too closely together, leaving little room for the market or their artists to recover. ”

Imagining a More Equitable Model

Having lived through the pandemic and experienced this nuanced market, several dealers called for structural innovation: from profit-sharing on ticket sales to fair subsidies for smaller galleries or even a percentage-based participation model. We have also seen galleries joining forces and sharing booths in recent fairs. The perception is that while fairs continue to grow in importance, they place all the financial and promotional burden on galleries, without evolving in format, accessibility, or collector engagement. Most budget fall on the shoulders of galleries and exhibitors paying space, promotion, hospitality and this even before selling which make it a pricey entry ticket in an inflated economy especially. However as crucial fair attendance is for business most galleries plan a similar number of attendance in 2025.

“The perception is that while fairs continue to grow in importance, they place all the financial and promotional burden on galleries, without evolving in format, accessibility, or collector engagement. ”

Looking Ahead

The art fairs system is not going anywhere, but its model is increasingly under scrutiny. For now, dealers must walk a tightrope between visibility and viability. Whether this model can continue to sustain small and mid-tier galleries or whether a new format such as boutique-fairs where intentionality is core is needed remains an open question. However when do we have the time to think in an always-on ecosystem ?