VP Market Notes · 08
From London to Paris: momentum with selectivity
Frieze London and Frieze Masters closed with 95,000 visitors and representatives from 426 institutions. Galleries reported transactions across different price levels, including Michaël Borremans at $1.5 million and emerging works between approximately £4,000 and £30,000. These are gallery-reported sales, not audited turnover for the fairs.
London auctions
Christie’s London evening sales totalled £218.6 million, 103% above the corresponding 2025 result, with 91% of lots sold. However, £107.5 million came from one private collection and two works exceeded £25 million: encouraging momentum, but also evidence of concentration around exceptional works.
Next: Art Basel Paris
Attention now moves to Art Basel Paris, 23–25 October: 211 exhibitors from 41 countries and territories. France generated an estimated $4.5 billion in art sales in 2025, up 9%, but fair participation alone does not establish future demand.
VP view
Opportunities may emerge in well-documented post-war and contemporary works with realistic pricing and credible institutional or curatorial histories. Results for trophy works should not be transferred automatically to smaller works, different periods or editions.
Art may support long-term wealth diversification, but remains illiquid. Authenticity, provenance, condition, comparable transactions and total ownership costs must be assessed; returns are not guaranteed.
This editorial note is for cultural and informational purposes. It is not personalised financial advice and does not promise returns.