The convoluted math behind the art fairs everyone loves to hate
Art fairs are popping up everywhere, but do they make any money?
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THE month of March inaugurates the spring art fair season, a combination of commerce, parties, and culture that attendees love to pretend to hate. Even though the fairs are explicitly designed for galleries to sell art, dealers complain about them whenever they get a chance.
For everyone else, the phenomenon can be a bit of a mystery. These art fairs often occupy prime real estate in the hearts of cities, yet have entry fees so high that most locals can't attend.
Many of today's biggest fairs were started in the 1970s: Art Basel, which runs from March 29-31 in Hong Kong, mostly sells 20th century and contemporary art; TEFAF, operating May 4-8 in New York, is better known for its antiques and old masters.
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