In an art market generating $57.5 billion in sales in 2024, what role do art fairs play in shaping the industry’s future?¹ With a growing influence in the art industry, they also bring significant financial challenges for galleries and dealers: participation expenses often range from $50,000 to $200,000 per fair, covering booth fees, shipping, insurance, and accommodation. This raises the question of whether such substantial investments deliver proportional returns. According to the Art Basel & UBS Global Art Market Report 2025, fair participation costs are ranked as the third most significant challenge for galleries and dealers, after political and economic instability and maintaining relationships with existing collectors.² Can one conclude that these fairs are worth the cost?

Economic Impact and Market Function

The financial significance of art fairs is undeniable. In 2024, 31% of dealers identified art fairs as their most frequently chosen source for new buyers, up 1% from 2023, demonstrating their growing importance as commercial platforms.² According to the Artsy Art Fair Report 2024, 45% of galleries planning to attend more fairs this year say they are motivated by reaching new markets, while 37% point to the potential for higher sales.³ The United States continues to dominate the global art fair landscape, with New York consistently cited as the most important hub and home to major events such as Frieze New York and The Armory Show. Alongside this, Miami Art Week—anchored by Art Basel Miami Beach—remains a major fixture, generating strong sales and international visibility. Together, these fairs underscore the US’s position as the largest and most influential market in the global art industry, often setting benchmarks for pricing, participation, and market trends. Meanwhile, regions such as Asia (India, Hong Kong, Seoul, Tokyo, Singapore), the Middle East (Dubai and Abu Dhabi), and Latin America (São Paulo and Mexico City) are on the rise, with their growing art fairs making increasingly significant contributions to the global art industry.⁴

Our recent visit to New York's Armory Show 2025 provided an excellent example of this market dynamic in action. Established in 1994, the fair attracts over 200 galleries annually to the Javits Center, serving as both a sales platform and market indicator. This year's edition reported positive signals for the art market, with exhibitors reporting strong sales and the return of more than 20 galleries after a hiatus, underscoring the fair's influence and its proven pull for crowds in the tens of thousands.⁸

We were particularly excited to spot three familiar artists who not only held the bar high but also achieved strong sales at the fair. Victoria-Idongesit Udondian, presented by kó, exhibited her powerful interdisciplinary works exploring identity and examining the intersections of immigration, labor, and global trade systems, raising questions about the African postcolonial condition within an increasingly globalized world. Yinka Shonibare presented by Cristea Roberts Gallery showcased his signature use of Dutch wax fabric to explore cultural hybridity and his connection to his heritage, critically engaging with colonial history and identity. Victor Ehikhamenor was showcased by Retro Africa, presenting his distinctive mixed-media works that blend traditional Edo symbols with contemporary techniques. Seeing these artists succeed commercially at such a prestigious fair reinforced how art fairs are essential platforms where artistic excellence meets market opportunity.

Networking and Discovery Platforms

Beyond commerce, art fairs function as vital networking hubs where new collaborations are sparked in panel discussions, and industry trends take shape in buzzing fairgrounds. They democratise access by allowing collectors the unique opportunity to browse artworks from a multitude of galleries—often from across the world—under a single roof. This concentration of diverse offerings creates unprecedented opportunities for discovery and cross-cultural exchange, particularly benefiting emerging artists seeking exposure and collectors exploring new artistic territories.⁵

*Yinka Shonibare for* *Cristea Roberts Gallery*

Innovation and Market Intelligence

Art fairs drive innovation by showcasing new curatorial formats (such as experiential and digital installations) and adopting technologies (VR/AR, online viewing rooms, NFT/digital art platforms) that expand how art is presented and sold. They also act as hubs of market intelligence: by putting participants—galleries, collectors, artists—in direct view of emerging trends, pricing patterns, collector behaviour, and gallery strategies, fairs enable real-time insights that are difficult to obtain in isolation.⁶

Victor Ehikhamenor for Retro Africa at The Armory Show — *Victor Ehikhamenor for* *Retro Africa*

Promoting Diversity and Inclusion

These platforms have become increasingly important for market diversification. Gallery representation of female artists rose to 41% by 2025, up 6% from 2018, demonstrating how art fairs can drive positive change in representation within the art world.⁷ Their international scope facilitates greater cultural exchange and appreciation for diverse artistic traditions.

**The Armory Show Facts:**

**Known for:** A leading New York art fair specialising in modern and contemporary art, featuring international galleries, curated sections, and large-scale artist projects.
**Founded:** 1994 (originally as the *Gramercy International Art Fair*).
**Years active:** ~30 years (as of 2025).

Conclusion

According to The Art Basel & UBS Global Art Market Report 2025, sales of higher-priced works have declined, yet fairs still rely on the presence of such high-value pieces to justify their commercial weight.¹ For galleries, this creates pressure to be more intentional in curating works that not only display aesthetic strength but also resonate with audiences in ways that can generate sales. Achieving this balance is challenging, yet for those who succeed it becomes both a labour of love and a profitable endeavour.

Art fairs have evolved into complex cultural and economic ecosystems that are fundamental to the contemporary art industry. They serve simultaneously as commercial engines, networking platforms, and discovery venues that influence how art is created, presented, and collected worldwide. As the market continues to evolve, art fairs remain central to sustaining the vibrancy, accessibility, and global connectivity that define today’s art landscape. The Artsy Art Fair Report 2024 reveals that galleries continue to see value in fair participation.³ Networking opportunities, client acquisition, and enhanced market visibility are consistently cited as benefits that justify the considerable expense.

Ultimately, while the financial demands of art fairs remain daunting, their role as engines of visibility, connection, and cultural exchange ensures that they remain indispensable. For galleries and dealers able to navigate the delicate balance between cost and opportunity, fairs not only sustain profitability but also affirm their place at the heart of the global art world.

Recommended Reading:

Seven Days in the Art World by Sarah Thornton

PURCHASE BOOK

Art Fairs: October 2025 - March 2026

Note: Art fair dates may include VIP previews, invitation-only events, and vernissage days. Please confirm dates directly with organisers as they are subject to change.

October 2025

• Fair For Art Vienna - September 27 - October 5, 2025, Vienna, Austria

• Affordable Art Fair Stockholm - October 1 - 5, 2025, Stockholm, Sweden

• SWAB Barcelona Art Fair - October 2 - 5, 2025, Barcelona, Spain

• Art Jakarta - October 3 - 5, 2025, Jakarta, Indonesia

• Affordable Art Fair Amsterdam - October 8 - 12, 2025, Amsterdam, Netherlands

• The Other Art Fair - October 9 - 12, 2025, London, UK

• ARTMUC - October 10 - 12, 2025, Munich, Germany

• PAD London - October 14 - 19, 2025, London, UK

• Affordable Art Fair Battersea - October 15 - 19, 2025, London, UK

• Frieze London - October 15 - 19, 2025, London, UK

• 1-54 Contemporary African Art Fair London - October 16 - 19, 2025, London, UK