Reflecting on London’s art scene from the mid-1990s to the early 2000s ignites a rush of excitement for me, marked by the opening of Tate Modern, the captivating Louise Bourgeois installation at the Turbine Hall, the birth of Frieze Art Fair, the Saatchi Gallery in County Hall, and the emergence of new galleries like White Cube and Sadie Coles.
The scene buzzed with fresh energy from international galleries such as Gagosian, Hauser & Wirth, coinciding with the opening of my gallery in Soho. I vividly recall Charles Saatchi as my first visitor, purchasing our inaugural exhibition before we even opened, championing emerging artists and paving the way for future generations of collectors. His unwavering support played a crucial role in the rise of the YBA (Young British Artists), a testament to his commitment to emerging talent. From the art boom of 2000 to the tumultuous 2008 recession, marked by Lehman Brothers’ bankruptcy and Damien Hirst‘s staggering £111 million art sale at Sotheby’s, I bore witness to the remarkable transformation of the art world, a narrative stretching into 2024.
The mid-2010s witnessed the spotlight shifting to experiencing art online and on social media. Galleries experienced a decline in foot traffic, a trend exacerbated during the COVID-19 pandemic. While art fairs embraced online formats, collectors at the time expressed a preference for the speed and efficiency of online purchases. Fortunately, this digital immersion did not overshadow the traditional methods, resulting in today’s reality where digital and authentic in-person experiences coexist. As the world transitions today from a virtual realm to one yearning for tangible experiences, we find ourselves back in a state of socialising at art events — and FOMO.
Enter Brexit, a divisive force that threw the art world into a bureaucratic whirlwind with administrative mazes. The year 2020 further complicated matters with the introduction of new regulations, adding layers to the bureaucratic dance. Smaller galleries are overburdened with extra paperwork. Dealers are tired of talking about Brexit, but they also can’t ignore it as the British art market enters an uncertain 2024, and its impact on trade is still ongoing. Brexit’s chapter is not closed yet.
For London to remain successful and dynamic, it must embrace and promote its art industry
In the present hustle, challenges are here — rising living costs, persistent conflicts, wars, and uncertainties. Collectors now gravitate towards the familiar, favouring established artists and galleries for seemingly secure investments. Big galleries thrive, smaller galleries struggle. Yet the future of art lies in supporting emerging stars, nurturing new voices. Simultaneously, the soaring costs of studios and spaces have prompted some galleries to close, pushing artists to leave London. Paradoxically, this has also given rise to innovative models for emerging artists and galleries.
Despite the hurdles, London flourishes with diversity and a myriad of art players infusing energy into the market. According to the British Art Market Federation and their review of the British Art Market in 2023, the UK is the leading art market in Europe and is second in size to the US globally. It has bounced back after Covid and is growing. While sales remain below pre-pandemic levels, they amounted to a healthy £9.7 billion in 2022. That success generates significant employment, supporting 45,520 jobs, and also supports many ancillary businesses, estimated at £2.6 billion on ancillary services and products in 2022, supporting a further 37,900 jobs. They estimate the fiscal contribution made by the British art market to be £1.6 billion in 2023, along with cultural tourism revenue.
London proudly stands with its numerous institutions, including the Serpentine Gallery, the ICA, the Camden Art Center, the Hayward Gallery, and renowned museums like Tate Modern and The Royal Academy of Arts. Hosting diverse art fairs, from Frieze to 1-54 (Contemporary African Art Fair) and the Other Art Fair (for emerging artists), London is firmly established at the heart of the global art stage. As an integral part of our cultural heritage, it is our duty to actively support and engage with it in the ways we can, from visiting galleries and museums to nurturing young talents.
The recent history of London’s art market, stretching from its boom in 2000 to the present, is one of transformation and adaptation, intricately woven into the fabric of Londoners embracing art as an integral part of their lives. Art serves as an indicator and marker of a successful society. For London to remain successful and dynamic, it must embrace and promote its art industry. Fueled by the city’s magnetic international appeal, London boasts some of the best artists, galleries, curators, collectors, creatives, and doers who converge, exchanging ideas and collectively shaping the future of art. Encouraging conversations and providing a platform for these talents is imperative if London is to sustain its peak. Its enduring prominence stands as a testament to its commitment to diversity, its international inhabitants, innovation, challenging norms, and the timeless power of artistic expression. Let’s keep its flame burning.
Virginia Damtsa is a contemporary art expert, art dealer, and curator
