French galleries are reporting significant struggles, notably in attracting younger collectors and adapting to changing market demands.
A recent survey by Iddem indicates that approximately 12% of French galleries have experienced major difficulties in the past 18 months, leading to several bankruptcy filings and anticipated closures.
Magda Danysz, vice president of the CPGA, highlighted a key issue: “We’re having trouble attracting young people, whereas in other countries, like China, buyers are on average in their thirties.” She explained that priorities have shifted in France, with a greater emphasis on “experience more than the object.” This contrasts with markets like China, where the art market has remained “steady, if unspectacular,” according to recent reports from Art Basel Hong Kong and auction houses.
The CPGA’s President voiced concerns about the long-term implications for the French art market. “No new player, opened after 2015, has been able to change scale, internationalize, or enter the fair system,” he stated. “This risks, in the long term, atrophying the market, drying up diversity, and compromising our ability to propel our artists onto the international scene.”
Main Image: Grand Palais, Paris