Big-brand contemporary art fairs are a successful business model

Paris

ON Oct 22, just four days after the Frieze Art Fair closed in London, the 41st edition of the rival Foire Internationale d'Art Contemporain (FIAC) opened to VIPs in Paris.

Since its debut in 2003, Frieze has gained a reputation as one of Europe's leading fairs dedicated to new art. But in recent years, particularly since returning to the Belle Epoque splendour of the Grand Palais in 2006, the older FIAC has upped its game.