In response to the report, the U.S. was the biggest nationwide marketplace for artwork festivals in 2024, internet hosting 24 p.c of all international occasions. North America accounted for 26 p.c total—a slight dip from 28 p.c in 2019—reflecting a web lack of 27 festivals over that interval. Europe continued to dominate, accounting for 54 p.c of all festivals, together with 12 p.c within the U.Okay. and 10 p.c in France. In comparison with 2019, Europe hosted 39 fewer festivals in 2024, with notable drops within the U.Okay. (down 10 p.c), Switzerland (down 3 p.c) and Germany (down 3 p.c). Asia’s share held regular at 10 p.c, with Mainland China and Hong Kong collectively representing 4 p.c. General, the area noticed simply three fewer festivals than in 2019. South America and Oceania remained secure, whereas the Center East misplaced three occasions—although it could regain some floor this yr with Artwork Basel’s upcoming debut in Qatar. Africa, nonetheless house to solely a handful of festivals, was the one area to register progress, growing from 5 to 6 occasions.
Whereas the business has lengthy lamented the relentless churn of artwork festivals worldwide, that dialog has taken on renewed urgency. With gross sales stagnating and the adrenaline of the post-pandemic increase now a distant reminiscence, galleries are more and more reluctant to crisscross the globe for costly, low-yield occasions that provide little past what the key festivals already present. On this local weather, many sellers are doubling down on robust in-house programming and constructing deeper relationships with present and native collectors, who provide extra constant help than the elusive one-off purchaser midway the world over. A number of sellers Observer spoke with in latest months stated they plan to skip lots of the festivals they as soon as recurrently attended—significantly home artwork festivals—opting as an alternative to reduce and recalibrate their methods heading into 2026.
The Artwork Basel & UBS report additionally famous that many galleries struggled to take care of profitability in 2024, with extra reporting decreased earnings (43 p.c) than elevated (32 p.c) in comparison with 2023. Rising operational prices have been cited as a serious contributor. Sellers constantly stated they’re now extra rigorously weighing the cost-benefit ratio of truthful participation. Whereas bills diversified by enterprise measurement, the biggest exterior prices throughout the board in 2024 have been artwork festivals, packing and delivery, and journey—all of which noticed the steepest year-on-year inflation.
Artwork festivals accounted for 27 p.c of whole exterior prices in 2024—restricted to sales space and exhibition charges—a 2 p.c improve from the earlier yr. Truthful-related bills rose by a mean of 10 p.c yearly, however for sellers taking part in a couple of truthful, that determine jumped to 16 p.c. Packing and delivery prices comprised 15 p.c of whole bills, up 3 p.c yr over yr, and have been recognized as among the many most inflation-prone classes over the previous three years, with a 15 p.c annual improve reported.
On this local weather, even brand-powered, once-mighty festivals like Frieze Seoul are beginning to really feel the pressure. At the very least 40 western galleries have opted out of this yr’s version after combined leads to the final two outings, as South Korea’s artwork market cools to extra sustainable ranges. However even probably the most prestigious festivals, together with Artwork Basel, at the moment are seeing galleries step again, unwilling to leap by way of the ever-narrower hoops set by more and more opaque and demanding choice committees.
As Adam Lidelman of Venus Over Manhattan wrote in his farewell-to-the-art-business essay on Artnet, “They gleefully ask you to get down in your palms and knees, wag your tail, and beg for forgiveness. Then, callously, they waitlist you in permanentia.” Living proof: Air de Paris withdrew from the 2025 Basel truthful after 25 consecutive editions—not for monetary causes, however as a pointed protest in opposition to what they referred to as a “brutal and unfair” sales space placement that undermined each their stature and long-term funding within the truthful.
But even amid rising prices and mounting fatigue, the urge for food for artwork festivals hasn’t totally evaporated. In response to Artwork Basel and Arteconomics information, the typical variety of festivals attended by sellers held comparatively regular by way of 2023, with solely a modest decline starting in 2024. Amongst those that participated in a minimum of one truthful in both 2023 or 2024, the typical dropped to 3 in 2024—down from 4 in 2023, 2022 and the pre-pandemic excessive of 2019. Sellers with larger annual turnovers remained probably the most energetic: these producing over $10 million in gross sales attended a mean of six festivals in 2024, matching their 2019 stage and doubling the truthful depend of galleries with revenues beneath $500,000. These numbers, nonetheless, could not maintain regular for 2025 and 2026.
At the same time as prices climb and monetary threat intensifies, artwork festivals stay—for now—a vital gross sales and networking channel for sellers. In response to the Artwork Basel & UBS report, fair-driven gross sales rose modestly in 2024 to 31 p.c of whole vendor gross sales, up 2 p.c from 2023, although nonetheless shy of the 35 p.c recorded in 2022. Notably, that determine stays properly beneath the 42 p.c seen in 2019, when reside occasions nonetheless outpaced gallery gross sales. The 2024 uptick was primarily pushed by stronger outcomes at abroad festivals, which accounted for 20 p.c of vendor gross sales, whereas native truthful gross sales held regular at 11 p.c.
Nonetheless, because the hole between rising prices and diminishing returns continues to widen, a structural reset feels much less like a matter of if and extra like how. Different codecs—extra agile, extra curated, extra contained—are starting to achieve traction. Artwork Basel’s upcoming experiment in Qatar is one such effort, although it too calls for vital assets and threat from taking part galleries. Others are exploring extra radical departures. The lately concluded Zero Artwork Truthful provided a no-cost platform for each exhibitors and consumers, geared toward circulating works in any other case languishing in storage. Much more guerrilla in spirit is the forthcoming U-Haul Artwork Truthful, set to coincide with the Armory Present this September. It would function 10 cubicles housed in rented shifting vehicles—a daring try and slash overhead whereas preserving ambition. Whether or not these fashions mark the long run or stay provocative outliers, they’re a minimum of asking the appropriate questions.
