Paris Fair Hits Sales Target

Last week on the art market, we saw the end of this year's FIAC, France's biggest art fair. FIAC, now in its 38th year, was this year held exclusively in the Grand Palais as one of its usual venues, the Carousel du Louvre, was closed for refurbishment. Art collectors of Art Kabinett social network undertook a marathon trek to most of the exhibits. The reduction on space available for exhibitors was met unfavourably by some, as many galleries found themselves with far smaller stands than in previous years and some French galleries were excluded altogether. Nevertheless, FIAC has enjoyed considerable success in 2011. No sales estimate was released for FIAC but following the close of the fair on Monday, the emerging sales figures are encouraging: Damien Hirst's 'Where Will It End', shown above right, brought by London's White Cube, a 1993 cabinet featuring fish preserved in formaldehyde, sold for an impressive $2.8 million, although this was slightly below its estimate of $3.43 million. New York-based dealers Cheim and Read sold a 2006 collection of drawings and a 2004 fabric torso by Louise Bourgeois for around $1m each, reportedly to Saudi and Moroccan collectors respectively. German art dealer Karsten Greve reported to have sold a piece for $1.4 million but refused to disclose the name of the work; however, rumor suggests that this was Cy Twombly's 'Untitled (Gaeta)' of 2004. Unlike its English rival Frieze, FIAC combines up and coming artists with big names, a model which has proved successful judging by the sale of Picasso's 'Musketeer', brought by the Gagosian and comfortably reaching its estimate at $6.8m. Meanwhile, New York gallery Ubu sold Max Ernst's 'Surréalisme' of 1942 for around $6m. These results seem to suggest that, despite economically uncertain times in Europe, the art market continues to hold up. Moreover, FIAC's success will no doubt cement its reputation as a serious rival to other fairs, including London's Frieze.  Our collectors enjoyed all the wonderful satellite fairs as well: Chic, Elysee in particular. We were also grateful for the warm hospitality shown by our Parisian colleagues who like all great collectors, eagerly opened their hearts, hearth, and homes for our visiting members. À bientôt !