FRIEZE FRAME Andrea Marechal

from The London Magazine October 2022

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Frieze assets

As the greatest autumn art fair rolls into the capital, Andrea Marechal Watson explores options for investors

Aflock of migratory gallerists, dealers, buyers, auctioneers, influencers and Twitterati is heading to London once again for October 2022’s Frieze fest.

In advance of their arrival, a group of monumental sculptures have been installed next to the venue in Regent’s Park and will be open to the public from mid-September.

Frieze Sculpture, the free herald of the (very expensive) art fair has become a favourite fringe event. Works by 19 artists have been selected, and the collection is curated once again by Yorkshire Sculpture Park’s formidable director, Clare Lilley.

The most important part of your wardrobe during Frieze Week will be a pair of comfortable shoes. An overwhelming number

LINING THE WALLS Above: Jordan Kasey’s colourful oil paintings will be showcased by Nicelle Beauchene Gallery Right: Many media, including tapestry, will be represented at Frieze

of pop-up events, shows and parties take place – check out Artlyst’s comprehensive guide at artlyst.com to all the 2022 fringe events. Phillips, Bonhams, Sotheby’s and Christie’s also all hold major evening sales of modern and contemporary art.

The hive around which all this buzz takes place is, of course, Frieze and its posh sibling, Frieze Masters. The annual Spotlight section of Frieze Masters falls on women’s art this year, now emerging from the shadows left, right and centre. Curated by Camille Morineau of AWARE (Archives of Women Artists, Research, and

Exhibitions), Spotlight is dedicated to 26 women artists born in the first half of the 20th century. Look for works by Nike Davies-Okundaye, Leonor Fini, Wook-kyung Choi and Sonia Balassanian among lesser-known names.

Male or female, Black, Asian and minority ethnic artists have been in favour for several years. What’s new is the spike in interest in younger artists. There’s no shortage of these supposedly ‘bankable’ works on o er at Frieze.

The market for ‘wet paint’ younger artists has been growing particularly rapidly over the last two years. Recent auction results saw Bath Time by 25-year-old Anna Weyant sell for an eye-watering £226,800 against its £80,000 estimate this June. Admittedly, Weyant has signed with, and is currently dating, 71-yearold Larry Gagosian, one of the world’s top four gallerists. Look for Gagosian's unmissable stand as you enter Frieze.

The percentage of art bought purely for investment is growing rapidly. With rising inflation – expected by some to hit 20 per cent by next year – the attraction of a tangible asset such as art in a mixed portfolio is more powerful.

No doubt this has helped the market rebound from Covid-19 and now appears to be shrugging o the war in Ukraine and falling stock markets. But it’s only at the top end – sustained by the ultra rich and limited to names like Hirst, Picasso, Basquiat, Matisse, Hockney etc – that there’s any real certainty. The mood could be changing according to the latest ArtTactic survey.

The temptation, of course, is to look for investment opportunities at fairs such as Frieze, and, if you can a ord it, snap up a Lisa Brice or a Leonor Fini. Sadly, the reality is that some galleries have already done their important deals, so it’s not that easy to buy the hottest artists at a fair. “Many galleries want to sell their best pieces to established collectors or even that Holy Grail, a private museum,” art market expert and author Georgina Adam says. “Generally, they’ve told their clients about any investmentgrade art they’re showing and just clinch the deal at a fair.” The good news is that the average price of works at Frieze London isn’t in the investment grade millions, but tens of thousands – £50,000 was the figure given to me o the record just before the pandemic. The bad news is that for this price you’re looking – in terms of

contemporary and ‘wet paint’ artists – at an emerging name and may never find a resale market for your investment. BRUSH OFF Above left: Entanglements, Hayv Kahraman The solution, according to market Above top: Le Songe de Gilgamesh, Rayan Yasmineh Above commentators, is to buy for love. In bottom: Flying Circus, Emma Amos Above right: Portrait of a Zulu, Frans David Oerder Below: A Roman statue of Mercury typical New Yorker speak, industry insider Josh Baer says in the Baer Faxt newsletter: ‘Just relax and buy... it’s no worse than spending $10k on a holiday.’ At Frieze everything from ancient to ultracontemporary masterpieces are on o er, so here again, people wonder what’s the safest place for small investors. Echoing Baer, Charis Tyndall, director of the Charles Ede Gallery advises that the real value comes from the pleasure you derive from your purchase. “Ancient art has stood the test of time, demand is increasing but the supply is decreasing. Naturally, this makes it a sensible investment,” says Tyndall. That said, she adds that there’s a greater chance of being able to ‘flip’ contemporary art and make a quick profit, but the market is also much more volatile. After a summer of drought and intense heatwaves across Europe, it’s good to see the art world (last estimate by UBS to be worth $65bn) engaging with climate change. New for 2022 is the Vote for your Favourite Planet-Repair initiative, a tie-in with conservation charity Pinwheel. So if you’re frustrated in your art-buying attempts – help buy some kelp or trees and Frieze London will match your contribution. L