Paper becomes Plural, and it starts now. The contemporary art fair of Montreal changes its name after fifteen years of existence and welcomes on weekends, at the Grand Quai of the port of Montreal, about fifty galleries, of which less than half come from outside the Quebec.
“The name change is explained by the change of medium,” says Julie Lacroix, general manager of the Association of Contemporary Art Galleries (AGAC), which is organizing the event. We’ve had all the mediums at the fair, which was still called Paper, for three years. But great Canadian collectors did not travel to Montreal imagining that only affordable works on paper could be found there. We were therefore not reaching an essential segment of our clientele. Plural makes it possible to reposition oneself. »
The name also has the merit of being understood in both official languages. Kuei, kwe and well seen!
The strongest and most obvious Canadian competitor remains Art Toronto. The next version in October should attract twice as many galleries as Plural, including several from abroad. The Montreal “festival” has had a few in Quebec, including the current art fair in Quebec (its ninth edition will take place next November).
The superactive centers for the primary (gallery) and secondary (auction) art market are in Europe and the United States. The historic houses of Christie’s and Sotheby’s in Paris, London or New York, like the Basel and Miami fairs, give the there in this global orchestra.
Plural will broadcast an interview with economist Clare McAndrews, founder of the firm Art Economics, which has just published The Art Market Report 2023. This survey, considered the most credible, estimates that art sales in the world totaled nearly 91 billion Canadian dollars last year, an increase of 38 billion since 2009.
All sectors of the economy live in cycles, but not the art sector, which did not register a decline during the financial crisis or the pandemic. The market seems immune to economic disruptions across the globe.
A kind of neurosis…
“The market has appreciated constantly for two decades,” says Paul Maréchal, an art market specialist who teaches a university course on the subject. “Year after year, for 18 years, we have seen an increase in transactions and prices. It’s very long. All sectors of the economy live in cycles but not the art sector, which did not register a decline during the financial crisis or the pandemic. The market seems immune to economic disruptions across the globe. »
Mr. Maréchal recalls that the evaluation of the Art Market Report be very careful. He would bet on a total two or even three times higher. Regardless, the conclusion remains unstoppable: the world of the super-rich is gripped by a sort of neurosis, or in any case a collecting fever quite unequaled in the history of humanity.
Major collectors traditionally depended on the appreciation of their stocks: when the stock market faltered, the art market fell. Since the turn of the century, the diversified sources of income of the überriches have enabled them to maintain their rate of purchase.
“It gives a good social varnish, to have a collection of paintings, adds the connoisseur. The wealthy want works that have “wowpower”. »
Hence the fact that it is always the same 40 artists who set record prices at auction, from Picasso to Warhol. The 0.001% of the world catalog, what, for the classification Forbes great fortunes. It is this portion of happy couple which pulls up the entire art market. The rest, say the bottom 99%, made up of proposals under $10,000 signed by contemporaries of the stars, suffered greatly from economic problems.
“These works are hardly sold any more, summarizes Mr. Maréchal. Collectors tend to bet on young artists who are still affordable. »
The fair as a censer
The power of the globalized market is also changing the role of the various authorities for recognizing the value (in the aesthetic and financial sense) of art. In any case, the critic who named trends and launched careers (like Clement Greenberg, in the 1950s, of New York abstract expressionism) has been replaced by galleries and collectors.
“Fairs are doomed to continue for the simple and very good reason that collectors must see the works,” says Mr. Maréchal. The physical presence of the work is essential. Collectors go more to fairs, more than to galleries anyway. »
As is the proven model elsewhere in the world, passes can be purchased which grant access to Plural before it opens to the general public. This marketing strategy attracts the biggest buyers, who can shop the primeurs in peace.
Here too, on the Montreal, Quebec or Canadian market, which counts for “pinottes” on a global scale, a division between the top and the bottom is taking hold. The canvases of a few big modern names (the Group of Seven, Emily Carr, Riopelle, etc.) sell for millions, while collectors of modest means are abandoning other lesser-known modern or contemporary signatures, those who have never really taken off. . The attraction here also shifts in favor of emerging artists.
The strategy therefore consists of neglecting established or persistent artists who have not really taken off, favoring youngsters who may manage to break through to the top. “Hence, here again, the importance of the fair, notes Mr. Maréchal. There is also an interesting notion of novelty in the acquisition of a recent work and you always have a chance to see its creator break through. »
Indigenous artists are popular in this new game. Those from diversity too. Mr. Maréchal also observes a wide variety of first-time collectors who are no longer limited to young professionals in their thirties.
“We see a lot of diversity. In the Netherlands of the XVIIe century, everyone could afford works sold for only 3 florins. We may not have reached that point, but there is certainly a wider audience and in the least expensive portion, it is contemporary art that benefits the most. »