Data Driven ART
FIAC Will Need to Adapt
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When I first started working in the art world, I was told that if someone purchases an artwork, they buy a piece of history. If you buy it, you are securing yourself something incredibly unique and special to own and the future of an artist you are supporting to grow their craft. Buying art is not just about appreciating the artwork itself but about wanting to be a part of an artist’s life and providing them with opportunities for success so they can live out their dreams. But what happens when we place too much value on objects and forget about their importance for artists’ livelihoods?
I think this is why FIAC has been so successful: removing these objectified values from the equation has allowed the fair to be more than just pieces of art hung up on lofts or galleries. The fair has helped create relationships between the artists who participate and their collectors, making it easier for collectors to obtain larger-scale works. At this point, collectors are so invested in the figurative work of these artists that they are committed to seeing them grow and progress.
There are many issues to the art market’s future, but I think it’s important to note that dealers are no longer so reliant on having collectors spend large amounts of money to show their works. With international buyers becoming savvier about art, FIAC has adapted and made its creative strategies even more creative. There is also a shift in the focus of collections, with there being more emphasis placed on music/finance/nft than ever before. FIAC can become the most successful fair, but they will have to adapt even further. They also need to move quickly and create a new standard in the art market so that collectors know what to look for when deciding where to go.
There is no doubt in my mind that they will continue to grow and become more successful, but what will change and how they decide to change will be the key for me. They will need to determine how often they want to hold fairs and if they’re going to maintain the same quality and the quality of the people who attend. This isn’t just a French market anymore, so FIAC needs to decide how to grow internationally. I think that they will take their time and that at least one thing that will remain constant is their strength in creating numerous opportunities for young artists. This is one thing that they have always focused on, and it has worked very well. So it makes sense that this will be an aspect of their fair that will remain constant throughout the decades to come. The most critical issues are where they are coming from, their allegiances, and their method of operation. I feel very confident that all options are still on the table, with the only thing being sure being FIAC’s overall growth vision.
“The art dealer, Jocelyn Wolff, sold “Meine Wege 23.09.2018” by Miriam Cahn for $200,000 during the first hour of the fair to a Parisian collector. There are at least 100 collectors who have budgets of more than 100,000 Euros to spend on contemporary art.”
Q3 2021, NFTs was sold for 10 billion $, and there was great information saying why and where that will be $. So there is no doubt that the art market is proliferating, which will continue for at least the next decade. The primary question I have, though, is how FIAC will adapt to this growth. At this point, they are making more money than many of the art fairs in Europe, and they are still gaining new dealers. So I think they are at a point where they can keep growing, but I also know that their ability to adapt will be vital in determining where they go over the next decade. I am glad that there are several NFT dealers in Paris. There must be some variety to the art market where FIAC is, and I think great galleries must come from Metaverse. There is no question that there will be many different types of galleries at the Paris Internationale, and I think it is essential to see them all represented.
In conclusion, the art fairs of the future will require a keen eye and attentive hand. FIAC will have to figure out how to stay relevant in a changing industry while adapting its own vision. But I think they are up for it. There may not be a single solution at this point, but I have no doubt that they will find one that suits them best. It will be new territory, but FIAC has been pioneering since 1917 when their first event happened in Paris
The article is part of the Data-Driven Art project;
I am an Art Curator, founder at EvArtology, and ML consultant at MLearning.ai. I advise companies and institutions in the creative industries on using AI tools in their daily work. Human collaboration with ML models can be very creative and bring huge benefits. The new era begins now.