French Art Market Faces Challenges Attracting Young Collectors and Adapting to Evolving Priorities
While Art Basel’s presence in Paris has increased the city’s visibility in the art world, local galleries are reporting significant struggles, notably in attracting a younger collector base and adapting to changing market demands.A recent survey indicates that approximately 12% of French galleries have experienced major difficulties in the past 18 months, leading to several bankruptcy filings and anticipated closures.
Magda Danysz, vice president of the CPGA, highlighted a key issue: “We’re having trouble attracting young people, whereas in other countries, like China, buyers are on average in their thirties.” She further explained that priorities have shifted in France, with a greater emphasis on “experience more than the object.” This contrasts with markets like China, where the art market has remained “steady, if unspectacular,” according to recent reports from Art Basel Hong Kong and auction houses.
The demanding nature of the global art fair circuit,coupled with a generally sluggish art market,has impacted galleries worldwide. This strain has led to the closure of midsize galleries such as Blum and venus Over Manhattan. Tim blum of Blum gallery cited the “system” as the reason for his departure, describing an unsustainable cycle of fairs, openings, and obligations that have become increasingly demanding. He expressed a desire for “a more flexible model,” stating, “It’s not working. and it hasn’t been working.” Similarly, adam Lindemann of Venus Over Manhattan previously commented on the challenging dynamics of fair committees, suggesting they create an habitat where galleries feel compelled to “beg for forgiveness.”
The CPGA’s Charpentier voiced concerns about the long-term implications for the French art market. “No new player, opened after 2015, has been able to change scale, internationalize, or enter the fair system,” he stated. “This risks, in the long term, atrophying the market, drying up diversity, and compromising our ability to propel our artists onto the international scene.”