Well-attended Arco fair in Madrid boosted by foreign wealth and Picasso’s 50th anniversary
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Loading... - Pedro Lopez
- 24 Mar 2023
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Spain’s largest commercial art event saw 211 galleries gather at the IFEMA conference centre
“There is a real buzz and energy here this year,” said Eva Albarrán of Albarán-Bourdais gallery at the preview day of ArcoMadrid fair (until 26 February), held in the out-of-town behemoth Ifema conference centre. “And,” she added, “We have already made sales.” She is among the 211 galleries to have come to Madrid for one of the best attended fairs in the world—the first, VIP-only day saw heaving crowds come through the doors, while the VIP programme was reportedly overwhelmed with bookings.
Albarrán’s optimism was reflected by Nicole Hackert of Contemporary Fine Arts from Berlin, who had decided to return to Spain’s leading art fair after an absence of 22 years. “There seem to be many more foreigners in the city now and we hope to connect with them as well as Spanish collectors,” she said.
Indeed the Spanish capital has seen an influx of residents: firstly from economically unstable countries such as Venezuela, Colombia, Argentina as well as Peru and Brazil. And a favourable tax regime has attracted other non-Spanish citizens, the result of which has apparently been a sharp hike in real-estate prices. However just as the fair started a controversial new “temporary” wealth tax was brought in, applicable from December, which will hit fortunes over €3m, across Madrid and Andalucia.
The fair certainly attracted notable collectors from overseas, such as Laurent Dumas, the president of French real-estate developer Emerige, due to open a private museum in Paris in 2025, the Italian patron Patrizia Sandretto Re Rebaudengo (whose eponymous foundation already has a programme in the city), and Tiqui Atencio. A group of Tate patrons also made a special trip for the fair. Read More…
