Source: The GuardianCharlotte Higgins)
London is one of the dominant forces in the world's contemporary art market, second only to New York. At least that's the conclusion suggested by the success of the Frieze art fair, which opened in the capital yesterday.
At last year's inaugural event, dealers sold art works worth up to £20m, according to the organiser, Matthew Slotover. The number of exhibitors this year has risen from 125 to 150, and hopes are that business will be better still.
David Juda of the London art gallery Annely Juda said: "Collectors come to London from all over the world, partly because in London there is more to see at any one time than any where else.
"The New York art scene isn't that great any more. The Guggenheim has gone to sleep, the Museum of Modern Art has been shut for a long time, though that will be great when it reopens. But we have good shows at the National Gallery, the Tate, and British Museum."
The secret, said Paul Hedge of Hales Gallery is is that "London in the 1990s was all about artists developing; the past few years it has been all about the infrastructure for art developing". He added: "There's Tate Modern, but also the galleries. In 1992 there were about 10 young alternative galleries. Now it's about 110."
The fair is notably international. This year dealers come from as far afield as Korea, China, Russia and Israel. Luis Valverde Espejo, of Galería Espacio Mínimo, one of two Spanish galleries at the event, said that his experience as a visitor last year convinced him it was worthwhile to exhibit in London.
