Art dealers and financial experts discuss what impacts a strong US Dollar might have on Frieze London and Paris+ art fairs. Read more from artnews.
Joe Charalambous, president of TPC Art Finance, which focuses on providing loans to collectors with their art holdings serving as collateral, toldthat clients he spoke to are definitely “paying a keen eye” to art market events unfolding this month, though he noted that’s it’s always difficult to accurately predict what will actually happen in advance.
“Just from a technical standpoint, there is a currency advantage for U.S.-dollar buyers buying in euros and pounds,” Joshua Greenberg, a private client advisor and managing director at Bank of America Private Bank, who works with several clients who are also collectors, told. “I do think it’s a little bit too early to tell what the impact is going to be because art is not valued as frequently as other financial assets.
While some dealers said that the currency situation ahead of Frieze London and Paris+ is worth discussing, there are other macro factors that will impact the success of the fairs and the fall auctions.
“We’re not going to change our strategy or who we show because of the dollar versus pound,” Mary Sabbatino, vice president and partner of Galerie Lelong & Co., told. “Sometimes it goes your way, sometimes it goes against you. It’s very hard to predict. We haven’t made changes to the artists we’re showing or how we quote prices. If we pay the artist in euros, we’re quoting euros; if we’re paying the artist in dollars, we’re quoting dollars.
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