Paris' Thriving Arts Scene Attempts to Rival London

2023-10-22 14:15:03

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The arts in Paris are booming—and trying to nip at London’s heels

The long-running rivalry between France and England has extended to the art world. Paris's growing presence in the art market was showcased at a recent auction where a painting by Spanish artist Joan Miró sold for €20.7m. This shift in the art scene can be attributed, in part, to Brexit, which has prompted auction houses like Christie's to move their Italian sale from London to Paris. Paris is also seeing a surge in international galleries setting up shop, making it an extraordinary destination for art enthusiasts.

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Paris's Rising Clout in the Art Market

Paris has witnessed a significant increase in art-related activities, including a greater number of auctions and the establishment of international galleries. Sotheby's held 70 auctions in Paris last year, marking a 140% increase compared to 2013. London, on the other hand, had 131 auctions, representing a 75% increase over the past decade. Furthermore, the city now accounts for 54% of all art transactions by value within the EU.

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A Shift in the European Art Landscape

Paris's emergence as an art hub is not solely due to Brexit. Luxury and culture collide in Paris, making the city an attractive destination. Private foundations supported by luxury-goods companies have contributed to the city's artistic appeal. For instance, the Bourse de Commerce houses François Pinault's collection, while the Fondation Louis Vuitton, created by Bernard Arnault, showcases high-value exhibitions that would not be possible elsewhere. The influx of wealth, cultural infrastructure, and deliberate efforts by the French government to preserve France's attractiveness have all contributed to Paris's rise as an art capital.

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The Battle Between London and Paris

While some argue that London and Paris are not in competition, it is clear that the relocation of art events from London to Paris, such as the Paris+ art fair, points to a growing rivalry. Brexit has accelerated this shift, leading to changes in the dynamics of the art market. London's position as the second-largest art market may be challenged as import duties and bureaucratic hurdles associated with trading art between the UK and the EU increase. Some stakeholders believe that the UK government should revise regulations to retain its competitive advantage and ensure a level playing field with global rivals.

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Looking Ahead

While policies and government support play a role, market forces ultimately determine the success of art markets. The art market has shown resilience, but with recent concerns in the Asian market and mixed sales in London, the landscape remains uncertain. Despite rivalries, challenging times can also foster cooperation and collaboration between art capitals. A détente may soon be on the horizon for Paris and London.

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