The Affordable Art Fair in New York wrapped up last Sunday. Perhaps because it was spring, it was much more lively and crowded than the fair held in the fall of 2022. I guess the flower of the New York art market is spring.
Affordable Art Fair is an art fair for famous local art collectors. When the freeze art fair was successful in London, it provided an opportunity to purchase works at low prices with satellite art fairs around it and expanded to marketing by subway with artworks wrapped in pink tiles. Handling paintings worth less than $10,000 met consumers' needs that the high-end and famous art markets needed.
At the New York Fair, booths that continued participating in the exhibition showed reasonable sales rates. There are also galleries with many regular customers, mainly because local people come by lightly to buy paintings to decorate their homes. Therefore, more decorative and interesting works were sold than heavy and magnificent works, and the sales rate of artworks under $500 that can be purchased lightly was also excellent.
Even if you don't ask if it's sold, you can guess the sales rate of the pair by looking at the expressions and energy of the Gallerists. On the last day of the art fair, the gallerists are tired. This is especially true if the painting is not selling well. Almost all the gallerists' faces were full of life at this spring's Affordable Art Fair. There were booths where the paintings were sold out, the walls were empty, and it was challenging to find tired people.
South Korea's public markets, or markets worth less than 500 million won, are said to have slumped sharply due to economic instability. On the other hand, new York's public market is still alive and well. Through this, it is possible to predict the sales rate of artworks during the freeze art fair that will be held in the future. This is because even if the high-end market does well, the public market does not; while the general market situation is good, the high-end market rarely does well.