Paris vs. London:
What October’s Art Weeks Reveal About the Market in 2025
Among the most important seasons for the art market – at least in Europe – are these two weeks of October pilgrimage to the metropolises of London and Paris. Centered around (but not exclusively) the art fairs Frieze London and Frieze Masters, taking place in parallel in London’s Regent’s Park, as well as Art Basel Paris, housed at the Grand Palais one week later, many international professionals and enthusiasts find their way to these cities to catch up with the market, meet, sell, and buy. Some do both, one after the other, while others choose their favorite. Are the cities in an unspoken competition? I’d say maybe yes. Representative of the strongest markets in Europe – the UK and France – these two art weeks, held back to back, are almost set up to be compared to each other. With changing external factors like Brexit and the arrival of Art Basel in Paris in 2022 (before that, it used to be FIAC taking place during these dates), the comparison remains dynamic – and fun to watch (at least from outside the club).
Btw, hello: my name is Noelia and i’m team Paris.
Meaning that I chose to be in Paris during art week this year and not in London the week before. But this fact didn’t hold me back from eagerly keeping up with what was going on in Britain while preparing my trip and looking forward to la grande finale. I also knew I was going to meet colleagues in Paris who had (mostly due to job obligations) signed up for both rodeos – which I have nothing but respect for, knowing damn well what a whirlwind of events, work, small talk, and drinks these weeks are: “Down and Out in Paris and London,” as a brilliant friend put it (referencing George Orwell’s book). Oh, how I love these puns! Anyways, back to the topic: though second-hand, I was still sure to learn – freshly (never worn and still with a price tag) – what the sentiment on both ends was.
Two Art Weeks, One Question
And if it repeats each year, why was this October ‘competition’ in particular so exciting to watch, you may ask? Well, 2025 has been quite a year for the art market, to put it mildly: some established galleries closed for good, others shut down some of their dépendances, art fairs were cancelled, and exhibitors withdrew their fair participations.
While there has for sure been some “doom and gloom” (a term often used in this context this year) being propagated – with some people (not excluding the press; actually, especially including it) wishfully looking for even the smallest indicators of a market crash – it has also brought along some baby steps in a much-needed direction toward innovation and progress. A little shake-up, if you will: galleries opening up not only their rosters to more emerging voices but also trying to make the scene more accessible to new audiences; art fairs lowering their exhibitor fees/booth prices; more experimental approaches to presentation, joint ventures, and community-building efforts. While (imho) there’s still a lot to be re-considered, it’s definitely refreshing to see the market catching up – and maybe changing for the better – instead of handling the downturn like a car crash (immobilized cause you can’t look, but you can’t look away either).
It’s true that since a short post-COVID peak, the market has been in quite a slump (since 2023) which didn’t seem to be making a halt anywhere in the near future and thus has had all its participants, if not worried, then at least more observant than usual. With collectors being more hesitant to make purchases and the urgency of the boom years allegedly gone – according to the sentiment (and statistics) of the last big fairs (even the OG Art Basel Basel edition had to confirm the allegations) – this sales-driven month of October events (not only the fairs but also the big auctions happening in both cities) was to be the next promising, noteworthy indicator of a current trend. Matchingly enough, the new yearly UBS and Art Basel Survey of Global Collecting (published by Art Economics), which is probably the most referenced among art-market reports, was set to come out during Paris Art Week, too.
London Art Week: Frieze, Frieze Masters, and the “Cool Girl” Energy
But let’s start at the beginning: London Art Week started around October 13 (probably even earlier), and judging by what I was able to follow along from my desk or smartphone (mostly social media, ngl), the vibes were immaculate – celebrity visitors included. A befriended avid art traveler (London trips being her specialty), when asked for her impressions, told me that London is still the “cool girl.” And to be honest, yes, I did have some FOMO when looking at the shows that were on during that week: Cosima von Bonin at Raven Row, Kerry James Marshall at the Royal Academy of Arts, Lisa Brice at Sadie Coles HQ, Eva Helene Pade at Thaddaeus Ropac – just to name the biggest ones – and of course Frieze as well as the satellite fairs 1-54 and Minor Attractions, which I had been hearing a lot about.
When I looked up the sales from both fairs (Frieze and Frieze Masters) at the end of the week, though, the numbers didn’t seem to mirror all the excitement. They rather seemed to solidify the recent trend we’ve been observing throughout the year. I know it might sound a bit abstract, but there was only one reported eight-figure sale at the end of Frieze, which is quite an uncommon occurrence (at least compared to pre-pandemic highs): a work by Antony Gormley sold by White Cube for $1.1 m – a deal that must have been sealed toward the end of the week, as it doesn’t appear in the early first fair reports. Frieze Masters looked a bit better in terms of reported sales, but considering the difference in price points for modern art and older compared to contemporary art, that was to be expected. That being said, the leading sale here was a Basquiat & Warhol painting that Vito Schnabel sold for $6 m.
Nevertheless, according to the feedback (press as well as first-hand), it seems London Art Week had visitors feeling hopeful and in higher spirits again – which already is a great win. If not nearly close to how it used to be, it was at least better than last year. Auction results during that week might have been a helpful upper in this regard – for example, Christie’s 20th and 21st Century Evening Sale midweek (the biggest sale, held on the same day as the VIP openings of the Frieze fairs) turned out to be a major success, with results around 30% higher than the year before. A highlight sale was a Peter Doig painting that sold for more than $19 m.
Another factor contributing not only to the positive mood but also to the “cool girl” allegations is the perceived rise of smaller, more emerging, or experimental dealers and positions. Several exhibitors in the Focus section of the fair – celebrating young galleries, also referred to as “baby galleries” (up to 12 years old) – reported having sold out their booths. Some argue this may have been favored by this year’s fair map, which positioned those galleries at the front, obliging visitors to first pass through them if they wanted to see the heavyweights. Two of my favorite presentations that I would have loved to experience live were the solo booths by Soft Opening, showing works by Ebun Sodipo, and Gathering, showing the installation “Venom Voyage” by Christelle Oyiri (who, btw, is also a fire DJ going by the name of Crystallmess).
Art Basel Paris: Back in Business?
Bon, alors: now let’s move on to Paris. I don’t know if you can fathom the excitement I felt when, just one day before my arrival for Paris Art Week, I came across the news of one of the most scandalous – and at the same time most low-key – art heists of recent years: the Louvre had been successfully broken into. At this point, I’d like to express my respect to the burglars for the way they did it. Anyway, this week already promised to be one for the books – or let’s just say my gut told me we were off to a good start. And the week that followed did not disappoint; if anything, it exceeded the expectations of many.
Since we were already talking sales, I think we can have some more numbers speak for themselves:
Art Basel Paris’ leading sale was a large-format abstract painting by Gerhard Richter from 1987, sold by Hauser & Wirth for $23 m – a relief for many (the market), but a surprise to few – coinciding with the artist’s major (and honestly very impressive) retrospective at Fondation Louis Vuitton in the city. I also read about another Richter sold for $25.5 m at Lévy Gorvy Dayan’s booth, which would even top the H&W sale, but I only have one source for this, so I’m not quite sure about it. But it doesn’t stop at the Richter headliner: the eight-figure deals kept coming, reminiscent of the frantic traction of the good ol’ days. Some examples (out of many more) are listed below:
Hauser & Wirth: a Bruce Nauman piece for $4.75 m; two works by Condo for $4.5 m and $1.85 m, respectively.
White Cube: one work by Julie Mehretu for $11.5 m; a Calder for $4.85 m; and a Baselitz for $2.95 m.
Pace: an Amedeo Modigliani for just under $10 m (an artist high in demand – looking at the Paris auction highlights of that week, the Modernités sale at Sotheby’s achieved incredible results for two works by Modigliani, far exceeding estimates: $31.3 m and $12.4 m); a work by Agnes Martin for $4.5 m; and an Adrian Ghenie for $1.77 m.
Zwirner: $7.5 m for a work by Ruth Asawa; $5 m for a Kippenberger; another Richter for $3.5 m; and a piece by Joan Mitchell for $3 m.
Several other eight-figure sales were confirmed by Ropac, Karma, Sprüth Magers, Cardi Gallery, Xavier Hufkens, Mennour, David Kordansky, Tornabuoni Art, and Yares Art.
In spite of all the long-awaited success, many voices remain hesitant to celebrate a market revival, and are rather under the impression that this year’s edition of Art Basel was an indicator of collectors still being cautious – preferring safe bets, meaning works with historical value or at least institutional legitimization. This definitely shows in the leading sales: we already talked about Richter, but also Condo had a blockbuster show on at the Musée d’Art Moderne during art week, and Agnes Martin was part of the “Minimal” group show at the Bourse de Commerce.
The Power of Exclusivity and the “Avant Première”
Others speculate that a reason for this success might have been the newly launched VVIP preview, Avant Première, opening the fair’s doors already on Tuesday – but only for four hours in the afternoon and only to six invitees per exhibitor. At least some of the leading deals were confirmed to have happened on that day: true, for example, for Richter, Modigliani, Asawa, and Mehretu (though Mehretu and Asawa were added to the list somewhat retrospectively). Dealers claimed that the atmosphere was “serious and intense” from the very beginning. Art Basel CEO Noah Horowitz stated that this new preview was “for the market, by the market.” We know the art market (or the art world?) loves exclusivity. And Art Basel Paris is, per se, one of the most exclusive editions – not least because of the location it takes place in, which, in comparison to other exhibition halls, is not only much more beautiful but also much smaller, and consequently has limited spatial capacity for exhibitors and visitors alike. Which, as we all understand, tends to create an even “higher demand.” Is this maybe why the works presented in Paris were, all in all, allegedly higher in quality and price points than even at the OG Art Basel edition in Basel (which, according to dealer Thaddaeus Ropac, has now been kicked from its throne)?
Limited space comes with its downsides: quite contrary to the approach at Frieze in London, the emerging talents were a bit more hidden in Paris. Located upstairs, on the first-level balcony, or in backrooms not even facing the center stage of the fair, some exhibitors had to make it work with less natural light and glamour. Some complained that during the four hours of the VVIP opening, not many of the attending collectors had made their way up; there simply hadn’t been enough time. Several upstairs exhibitors from the Emergence section were missing the contagious high of the ground floor, making it clear that this year’s edition was looking like a great success – depending on who you asked.
But was this only due to the booths’ locations, or have London and Paris just again proven to be two complementary markets – one for rather emerging voices, the other more suitable for blue-chip heavyweights? An Observer article insinuated that collectors in Paris had valued “substance over speculation,” and The Art Newspaper rightly signaled that several contemporary galleries had brought rather historic works to the fair too, perhaps to cater to the expected, more conservative taste of the French capital: Picabia at White Cube, Modigliani at Pace, Rubens at Gagosian, for example. So what are we really talking about in the end? Ingrained taste or current trend (talking about safe bets in a cautious market)? Or the lucky coincidence of both at the same time?
Signals of Recovery: Reports, Auctions, and the UBS Art Basel Study
After the fair had ended, overall reports from established and emerging dealers – international and national alike – were quite positive nonetheless: big deals made within the first days, galleries with nearly sold-out booths or several re-hangings, substantial institutional interest, and constant business throughout the entire fair, even on the last days, with many clients returning. Though (attention: repetitive disclaimer alarm) still not comparable to past golden times (some argue these might never come back) and with people remaining skeptical about the market being back for good, at least many graciously took the aforementioned as indicators of a positive evolution.
These ‘sparks of luck,’ paired with the new art market report published in parallel with Art Basel Paris – indicating an upward tendency on several important topics – as well as an equally successful Parisian auction week, generated a sense of a maybe even realistic, optimistic outlook. Some key takeaways from the UBS and Art Basel report: collectors allocated an average of 20% of their wealth to art in 2025, up from 15% in 2024; and women spent on average 46% more on art and antiques than men in 2024, especially Millennials and Gen Z. On the auction front, sales in Paris saw a 30% increase compared to the year before during art week.
Though many signs from Paris Art Week indicate an upward movement, we will need to wait until next year to see how steady that movement really is. After all, this might have been an exception – a momentary spike that has more to do with Paris and what it represents than with the current state of the art market. Paris and its magic: the Grand Palais, the institutions, the city itself. We’d be lying if we acted like this wasn’t a big part of what attracted international collectors and visitors. The art fair can easily serve as an excuse to pay a visit and spend some fabulous time in the city. Perfectly aware of this advantage, paired with the notion that sales at Art Basel are usually stronger than at Frieze, dealers also knew they had to bring their A-game – and indeed, some admitted to having held key works back specifically for Art Basel Paris. I loved a comparison that came up in a conversation with a friend about the differences between the upcoming Black Friday and Cyber Monday sales (two discount events that happen very close to each other) and the psychology behind them. Many customers don’t buy at Black Friday anymore, holding back until Cyber Monday because they fear spending their budget too early and then missing out on a potentially better deal at the second/last opportunity. Could a similar effect be happening with the consecutive art weeks in London and Paris?
Paris Art Week Beyond the Grand Palais: Satellite and Boutique Fairs
But in between all this numbers talk, let’s not forget that besides the city itself and Art Basel, there were so many exhibitions, events, and even fairs happening in Paris that once again solidified the capital’s well-deserved fixed place on the art calendar – and its importance as a hub, not only for big institutions but also for smaller and more experimental propositions. Paris, for example, boasts an incredibly thriving network of so-called satellite fairs offering a broad picture of the art currently on the market.
There is Paris Internationale, the more audacious and fresh alternative, whose opening day was sadly forced into some sort of competition with Art Basel’s new VVIP preview. One position that stuck with me, and that I personally discovered at that fair, was the Georgian artist Beso Uzdnaze, presented by Artbeats Gallery, whose raw, frenetic, and almost aggressively colorful paintings made a strong impression. Another notable fair is Asia Now, focusing on contemporary Asian positions. There, I fell in love with the works of Wang Xiaolin – works that look like paitings but are actually made of porcelain through a long production process – presented by Loy Gallery based in Singapore as well as Esther Schipper’s solo booth with works by Cemile Sahin, because I’m a fan of her work in general. Then there are AKAA, a fair centered around African art; Menart, focusing on art from the MENA region; Outsider Paris, devoted to art brut; and probably many more I don’t even know about. A concept that seemed to be expanding this year in Paris was the “boutique fair” – small fairs led and organized by a group of dealers. Examples include Place des Vosges, 7 Rue Froissart, and the Upstairs Fair. One reason for their rise seemed to have been the silent cancellation of the second NADA fair Paris edition – to some people’s surprise, as the first edition had seemed quite successful. Then again, considering the times we live in… anywho: some of the participating galleries had already booked entire trips, shipping, and logistics, and decided to still go to Paris and do something on their own terms – which I respect and think is really cool. My favorite boutique fair was the Upstairs Fair, held in some of the rooms of the iconic Grand Amour Hotel. Having to search for the rooms made it feel like a little treasure hunt, the treasure being little art work gems distributed and installed throughout the hotel rooms, yes, even in the bathrooms.
Exhibition Highlights: From Richter to Digital Art
Another factor that makes Paris such an important place for contemporary art right now is the density of institutions devoted to supporting and presenting it. We already touched upon the Fondation Louis Vuitton’s major retrospective of Gerhard Richter, spanning works from many different series and periods. Seeing them all together, side by side, made me notice new connections between them – even though at first glance, they might not seem to have anything in common. The blurriness in his photorealistic paintings suddenly started building bridges to the movement and glitching gestures of his abstracts. Coming from someone who was never the biggest fan (nor the opposite), I have to admit that this exhibition really converted me. And maybe it’s just selective attention, but after visiting this show, I started seeing blurry paintings everywhere – is this becoming a trend, or am I just bugging?
I could really go on forever with my Paris exhibition highlights – and also with the blockbusters I sadly missed, because you can’t possibly see everything in just one week. But you ain’t got the time, and I ain’t got it either. So here are some last ones I need to get off my chest real quick, otherwise I won’t be able to sleep; my OCD-ish mind won’t let me (ok Noelia, breathe!):
Let me tell you a little something about the new premises of the Fondation Cartier, designed by architect Jean Nouvel, which opened its doors during Paris Art Week. What an interesting example of alternative exhibition architecture! Walking through the different halls and floors felt almost labyrinthian, challenging in an unfamiliar way, as there was no clear direction to the presentation, and the architecture had you suddenly facing a wall more than once. Or maybe it was just me and I was lost af but I don’t think so? The artworks on display were from the Cartier collection and refreshingly less Western-centric than expected.
Other highlight shows included “Offscreen”, a large group exhibition dedicated to “still and moving images,” including installations and performances, held in the chapel of a church. This show cemented the city’s importance for photography and digital art – a relevance upheld too by the November fair Paris Photo. The new UBS and Art Basel report highlighted digital art as a medium on the rise, now ranking third in terms of spending in 2024 and 2025, nearly matching sculptures.
And last but not least: a little hidden gem – though not too hidden, since it was practically next to the Grand Palais – was the group show “Mélange”, curated by Moustafa Thaer together with Ward Gallery. A fantastic lineup came together in a charming, golden Parisian apartment: Miles Greenberg, George Rouy, Zainab Alshibani, Hayfa Algwaiz, Giovanni Leonardo Bassan, Adam Rouhana, and many more amazing artists made this roundabout one of those exhibitions that’s just fun to walk through.
Final Thoughts: Paris Magic or Market Momentum?
And with this, I’m finally coming to a close. Do I have a conclusion? Not really. I’m happy with how this Paris Art Week turned out, a bit hopeful about the state of the market because of it, and certain that the French capital remains a solid global player on the art map – attractive to collectors and visitors alike. We’ll see further confirmation or adjustment of these claims in the months ahead, and at the latest, at the 2026 edition, now under the watch of newly appointed Art Basel Paris director Karim Crippa. Let’s see if Macron’s newly appointed old premier minister Lecornu lasts as long. À suivre…
Sources & Further Reading (alphabetical order)
Artnet News — Christie’s London: Peter Doig by the Numbers
Artnet News — Modigliani and Raymond Elvira at Sotheby’s Paris
Artnet News — Paris Auctions See Surge During Art Week
Art Basel — Art Basel Paris 2025: Success in the World Market
Art Basel x UBS — The Art Market Report 2025
Artsy — Frieze Week 2025: What the Insiders Saw
Artsy — Sold! Highlights from Art Basel Paris 2025
Artsy — The $23 Million Gerhard Richter That Led Opening Sales at Art Basel Paris
Bank of America Private Bank — Art Market Fall Update 2025
Frieze — Focus Celebrates Young Galleries at Frieze London 2025
Frieze Press Office — Frieze London and Frieze Masters 2025: End of Fair Report
ARTnews — VIP and ‘Avant Première’ Sales at Art Basel Paris 2025
The Art Newspaper — VIP and VVIP Days Drive Sales at Art Basel Paris 2025
The New York Times — At Art Basel Paris, Strong Sales and a Sense of Cautious Optimism
Observer — Frieze London 2025: Major Sales, Museum Buys, and Market Power
Observer — Sales Report: Highlights from Art Basel Paris 2025
UBS — Art Market Check Autumn 2025
© Images: all rights reserved by the respective artists, galleries, art fairs, and institutions mentioned in the captions and texts.