Photo London is one of the leading photographic fairs

Photo London’s ninth edition aims to integrate photography into the contemporary art world. But can it? Isabella Fergusson finds out

The cobbles of Somerset House aren’t quite bearing the catwalks of heels, neon suits and russet trousers one sees at Frieze or Art Basel. More cameras than Gucci bags slung across shoulders, more prams pushed, more WatchHouse coffee than Ruinart champagne. It seems more democratic – but to its strength or its downfall?

100 exhibitors, 44 cities worldwide: the numbers are good for London’s top photography fair, and returning galleries are strong. But, ever since photography entered the commercial world in the ‘70s, it has been seen as something of a niche by many. Its Director, Kamiar Maleki insists, however, that 2024 has seen yet more progress in cranking the door open to a contemporary art-collector-base.

This year’s Photo London is curated by Dani Matthews and entitled Shifting Horizons; photograph by Isabella Sanai

What’s happening this year that’s made it successful? ‘We’re branching out,’ he says, ‘we’re including more film, more mediums, and the car’ – he points to a navy electric car, a Lunaz, parked in the Somerset House courtyard – ‘which has been invested in by big names such as David Beckham – these have helped gain traction’. Is this because photography is not attractive enough by itself? ‘We have to entice the High Net Worths through other mediums’, he responds diplomatically. Perhaps a hint that photography alone still lacks respect; but perhaps, too, a testament to Maleki’s success in luring people into giving it the attention it deserves.

Rebecca Hicks, Director of Purdy Hicks, in the reflection of a daguerrotype by Japanese photographer Takashi Arai; photographed by Joe Oswald

Photography’s technical gymnastics are exhibited with undeniable flair: see Takashi Arai’s impressive daguerrotypes, Susan Derge’s cameraless photography, laid directly over Dartmoor puddles of frogspawn, and Roope Rainisto’s AI-based works, thrumming with viewers, to a remarkable manipulation of printing mediums across the fair. The number of mediocre works was to be expected, but the number which stood out as sensational from the many Michael Jackson-type portraits was higher than one might imagine.

Photo London brings together the world’s leading galleries in a major international photography Fair at Somerset House; photograph by Isabella Sanai

Sales? Well, as Rebecca Hicks, Director of Purdy Hicks, comments, the general consensus is that sales ‘remain quiet so far’. Maleki slides past the question with an ‘ask me on Tuesday!’ Fru Tholstrup, London-based art advisor and curator, though, beams with anomalous success of her showcase of Mariano Vivanco’s work from his latest book, ‘Peru’, hopping through folklore and mythology expressing striking figures between humans and animals, which one tends to associate with drawings rather than photography. Mariano remains confident in photography’s ability to leak into fine art, with a winking ‘Respect Photography, or Die!’. And he’s sold with fine art figures, too.

Kamiar Maleki, Director of Photo London; photograph by Joe Oswald

Some dealers insist they are at Photo London for the artistic exposure as much as sales. Gerber & Stauffer Fine Arts has an exhibition featuring Iranian-born Rahi Rezvani, introduced to the commercial world for the first time. Successful in luxury, performing arts and entertainment industries, he has never before sold a single print of his works.

French photographer Valérie Belin has been named as the Master of Photography 2024; photograph by Isabella Sanai

But why start now? ‘People think success in photography is selling lots of photographs. I disagree. It’s about choosing carefully and selling well.’ He refuses to sell hundreds of his prints he has laid out, from a portrait of Quentin Tarantino to fiery images of dance, to a triptych covered in a natural substance he associates with sperm. Technologically, these seem extremely impressive, perhaps as or even more than those on the wall. When asked how he took them, he smiles knowingly, holding back. Brimming with confidence, he isn’t particularly interested in selling lots, but few, well-chosen ones.

That’s the way to elevate photography to the fine art world, he and Thomas Stauffer, Director of Gerber & Stauffer Fine Arts agree. Reduce the print number – even to one (in the case of his photograph ‘Willem Dafoe’) – signed with guarantee of no reproduction, and photography can have the value and respect of art. Although, in general, the knowledge that further prints can be made will always linger with all types of photography except polaroid. Even when reducing the number of editions, photography still remains on the precarious edge for established contemporary collectors.

Willem Dafoe, photographed by Rahi Rezvani, 2012

It’s entirely the other way around for Ana Matos, Director of Salgadeiras Arte Contemporânea. The very fact that, unlike painting, photography editions expands to an average of 5 to 7 means that it gains a democratic value, attracting a new wave of emerging millennial collectors. Such can be seen in the floor for the Nikon Emerging Photographers Award, part of Photo London. The average age decreases, buzz increases and – while sales are still reportedly quiet – the recognition and discussions are engaging a new crowd in collecting. Perhaps it’s not so much about gaining older contemporary art collectors, but shifting the next generation of collectors to photography.

Photo London has two major exhibitions as part of the Public Programme, over 120 new and returning international exhibitors; photograph by Joe Oswald

And perhaps, by virtue of its less revered status, Photo London does focus more for new art and expression than collector-base. As photographer Maryam Eisler comments, ‘Photo London is a place of discovery and new talent.’ One can meet the photographs at eye-level, rather than kneel before them, and the fair is focused on the artform itself, and forming a snapshot of its growing identity and credibility. One feels closer to it all, somehow. And – as Eisler also points out – this is aided by its ‘excellent satellite programme of talks and critical thinking.’

Photo London 2024 features over 400 photographers from around the globe; photograph by Joe Oswald

Photography remains on the sideline of established contemporary art; sales seem quiet. But, stripped of the catwalk-tendency of many art fairs, which can distract from the art itself, the model of a fair where art is accessible and thought about, rather than prized solely for sales, may be commercially more challenging, but is extremely refreshing. And, though established collectors may not dive into buying, photography might just present a more democratic art world – with a long way to go.

Photo London runs at Somerset House from 16-19 May 2024

See More: photolondon.org

Sophie Neuendorf, Vice President of Artnet and Senior Contributing Editor at LUX

Sophie Neuendorf, Vice President of Artnet and LUX Senior Contributing Editor, turns her insider’s eye to emerging trends to bring us her art-world predictions for 2024

1. Online fine art sales will take up more market share
According to financial services company UBS, online fine-art sales made up 16 per cent of the $68 billion global fine-art market in 2022, up from six per cent in 2019. With the rise of a new tech-savvy generation and the desire for digital solutions and experiences, I predict online sales will continue to rise.

2. All eyes will be on Christie’s and Sotheby’s
It’s no secret that the art market has been volatile recently. Sotheby’s failed to consign several hot single-owner sales and Christie’s had the Fineberg sale disaster. But with a summer Sotheby’s sale that included a rare Klimt portrait with an estimate
of $80 million and Christie’s total sales outperforming Sotheby’s for the first half of 2023, the fightback is on. Will Christie’s finally emerge as the art-world auction powerhouse? The stage is set for 2024.

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3. There will be a consolidation of the market
A plethora of art-related companies have surfaced over the past few years. The question is, with online experiences and transactions increasing, which companies will take the lead in this hot segment? I predict that only a few companies will survive and take the lead in the market, especially because of socioeconomic pressures, and this will become apparent during 2024.

4. Art and fashion collaborations will expand
I recently spoke to a friend who works in one of the major haute fashion houses about the rapidly increasing collaborations in art and fashion. These are fruitful creative marriages with benefits on both sides. While the fashion industry gains depth and seriousness, fine art can gain new potential collectors. There have been controversies, such as the concerns over Louis Vuitton’s 2023 collaboration with Yayoi Kusama. At Saint Laurent, however, Creative Director Anthony Vaccarello is doing a remarkable job in supporting established and emerging artists, just like Yves Saint Laurent himself. There’s an exhibition space at the Rive Droite site and global pop-up shows including Sho Shibuya at Art Basel Miami Beach.

Christmas in California, 2022, by Guimi You. The Korean artist is a LUX favourite. Image chosen by our editorial team, not an endorsement by the writer

5. Museums will deaccession more works
The Whitney Museum of American Art recently deaccessioned seven works, including four by Edward Hopper, with proceeds from the sales said to be going to support new acquisitions. Hopper is indisputably one of America’s greatest artists and it strikes me that the action caused panic in the market – works by Hopper were predicted to take a tumble in value. This is the unfortunate side-effect of deaccessioning artworks. However, I personally feel that an artwork is far better served on an art lover’s wall than in a museum vault.

6. ESG will have a greater foothold in the market
Environmental, Social and Governance (ESG) is a framework that is rapidly gaining in importance. It is not only an indicator of the sustainable health of an economy or company, it is also driving decision-making among the new generation of collectors. Where the baby-boomer generation was interested in how an artist draws from art history, the new generation of collectors is more concerned with asking about what drives the artist. What are they trying to communicate with their work? Does it represent the zeitgeist and discuss contemporary themes, such as #MeToo, Black Lives Matter or the war in Ukraine? In trying to captivate the new generation, galleries will have to engage with ESG reporting and initiatives.

Read more: Artist Ricky Burrows: From the streets to the studio

7. Expenditure in fine art as an asset will increase
I always advise to buy for passion, but with an investment view. According to cultural economist Claire McAndrew, investments in fine art are especially lucrative during inflationary and recessionary periods. I have noticed significantly increased movement over the past few months, especially on the private sales side of the market. From an eye-opening Lichtenstein to a rare Caravaggio, never have I been offered so many works for private sale and acquisition. With the impending transfer of wealth from the baby boomer to the millennial generation, I predict there will be many a marvellous work to hit the auction block in 2024 and, indeed, over the next few years.

Find out more: artnet.com

This article first appeared in the Autumn/Winter 2023/24 issue of LUX

Portia Antonia Alexis is a leading consumer business analyst, neuroeconomist and mathematician

Portia Antonia Alexis is a consumer goods analyst and researcher specialising in the realm of neuroeconomics, where she uses advanced analytics to determine the thought processes of consumers and how best to appeal to them. Here, the McKinsey alumnus speaks to LUX about the impact of the pandemic on consumer habits and the future of hard luxury

LUX: How do you define hard luxury?
Portia Antonia Alexis: Hard luxury is simply a term that refers to timeless products such as watches and jewellery, while soft luxury refers to products such as leather accessories, bags, and designer clothing. While this may sound a little basic, an easy way to remember the difference is that hard luxury refers to pieces that are physically harder to break, while soft luxury refers to pieces that are soft to the touch.

LUX: What was the relationship between hard luxury and e-commerce pre-pandemic?
Portia Antonia Alexis: Pre-pandemic, hard luxury goods were very rarely sold online. After all, while major hard luxury retailers such as Tiffany & Co., Longines, and Rolex consistently advertised through online channels, the idea behind these advertisements would be to drive people to their in-person stores rather than try to drive online purchases.

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The reasons behind this can mostly be attributed to the price of hard luxury brands. Generally speaking, a high-quality piece of jewellery or a luxury watch will cost over $1,000, and in an online setting, many people were uncomfortable with spending such a large sum of money. Online shopping was also much less conducive to driving sales, as while an in-person salesperson could use sales tactics to condition the brain into making a purchase, the nature of an online shop made it much harder to do so. As a final note, many people enjoyed the experience of shopping for hard luxury in-person, as they get a psychological ‘high’ of sorts due to the increase in perceived status that they felt when shopping for an expensive item in person; however, when online, this reaction was greatly muted.

LUX: How has the hard luxury sector been affected by COVID-19?
Portia Antonia Alexis: As with many industries, hard luxury sales plummeted during the first few months of the pandemic, but by the third quarter of 2020, there was a large resurgence in sales. For example, in the third quarter of 2020, the luxury conglomerate Richemont had a 5% increase in sales that was largely bolstered by its jewellery assets and during that same time period, Maisons had a 13.3% increase in sales, which was largely thanks to a strong performance by its hard luxury brands Cartier and Van Cleef & Arpels. I expect to see this positive momentum continue in 2022, and I would not be surprised if hard luxury revenues meet 2019 levels this year.

LUX: From a neuroeconomic standpoint, why do you believe this rise in sales occurred?
Portia Antonia Alexis: Given that most hard luxury brands were reliant on in-person traffic to drive sales, the pandemic necessitated a complete revamping of the online experience so that these brands could replicate the same psychological triggers that shoppers felt when they were in-store.

One of the biggest innovations in this field was the advent of personalised online appointments. These appointments involve a salesperson booking a time with a client and then having a video conference where they have their entire collection on offer, and these were great substitutes for in-person appointments for two main reasons. The first was that the salespeople were able to use many of the same sales tactics that they used in store, and from a neuroeconomic standpoint, this generated a more positive response in the brain of the client that then led to a higher conversion rate than a simple online store would have. The second major difference was that the salesperson could physically try on a piece of jewellery, and this was important because it not only allowed the client to analyse the fit of a piece using a real person as a point of reference, but made the client more comfortable with shelling out large sums of cash for an item.

Read more: Prince Robert de Luxembourg on Art & Fine Wine

Another major innovation was the increased emphasis on customer service. On a basic level, this was done by having more people on hand to answer questions and do sales calls and by making the waiting time for answers either online or on the phone much shorter. This helped give clients peace of mind while shopping, alleviating a lot of the unknowns that come with purchasing while only having a picture as a frame of reference. This customer service also extended to details such as warranties and returns. In the past, many hard luxury companies had strict return policies, but in light of the pandemic, many made it so that you could try a piece on and then return it if necessary. This was crucial as it made people much more comfortable with making a large online purchase. However, since it is generally a bit of a hassle to return something, this barrier would cause many clients to mentally accept sub-par items, leading to items that would have been rejected in store still getting sold so long as they looked good online.

In tandem, these two factors made online shopping far more similar to in-person shopping than it was pre-pandemic, and as a result, sales were able to remain relatively high despite the fact that there were very few physical stores that were open.

LUX: Are there any other major factors that you feel were important?
Portia Antonia Alexis: I’d say that the influence of geographic variation cannot be overstated. While business in the United States was lacklustre, China and Japan, which are the second and third largest luxury markets by annual sales respectively, became especially influential after removing their COVID-19 restrictions earlier than most. That’s because there was a marked rise in ‘revenge buying’, which were shopping sprees driven by a feeling of having missed out during the lockdown, and ‘reunion dressing’, which were surges in demand driven by re-uniting with people after large periods of time in lockdown, and in tandem, this led to a massive growth in sales in these countries. In fact, mainland China was the only region on the planet to come out of the COVID-19 pandemic with higher local spending than it had in 2019, as it experienced a massive consumption growth rate of about 45%. When you further consider the increase in per capita wealth being generated in China, I’m confident that in the next few years, China may overtake the United States as the world’s leading hard luxury market.

LUX: What will hard luxury companies have to do to encourage growth post-pandemic?
Portia Antonia Alexis: I think that one of the single most important changes that hard luxury companies will have to undergo is the shifting of their focus from the American market to the Asia-Pacific one, with China being their primary long term target.

Research has shown that relative to American consumers, Chinese consumers tend to have very different responses to advertisements. More specifically, it seems that while American consumers respond well to brand awareness, which is created by, say, commercials at the Super Bowl, Chinese consumers tend to be far more concerned with intrinsic value, which derives from factors such as the quality of the materials used, how the goods are created, and what the brand’s story or ethos represents.

Chinese consumers also seem to respond poorly to discounted merchandise. Now, during the pandemic, many American brands dropped prices or released lower cost lines of products in order to make their goods more affordable to cash-strapped consumers. However, this often backfired in the Asia-Pacific, where consumers perceived this fall in prices to be a drop in intrinsic value, which therefore made the goods less desirable than they were before the prices were decreased!

In any case, I think that if American brands are to fully take advantage of the Chinese markets, they will have to focus more on building a long term story for their brand and less on simply creating a recognisable logo with flashy advertising. However, given that the Chinese and American markets are so large yet so different, the big challenge here will be to straddle the competing consumer mindsets in both regions. In my opinion, hard luxury brands can achieve this by applying different neuroeconomic principles to their marketing campaigns and brand building on a regional basis, and my hope is that in the coming years, more analysts with a neuroeconomic background will enter the consulting field so that this can be achieved!

Portia Antonia Alexis is a neuroeconomic consumer goods analyst and researcher who works with luxury brands such as L’Oreal, Estee Lauder, and Tiffany & Co. @portiaeconomics

Auctioneer Oliver Barker directing Sotheby’s global e-auctions. Courtesy of Sotheby’s.

Following the announcement of Sotheby’s Cologne office, artnet’s Vice President and LUX columnist Sophie Neuendorf discusses shifting collecting habits and the potential for Germany to become a key player in the art world

The recent news that Sotheby’s is opening an office in Cologne, Germany has made waves internationally but also ruffled a few feathers within the German market. However, given the ramifications of Brexit, which is making import and export transactions much more cumbersome, it’s hardly a surprising decision. Christie’s has been steadily strengthening its presence Paris over the last few years and Amsterdam is much smaller in terms of buyer opportunities so the EU’s largest country in terms of size and economic strength seems the logical choice for Sotheby’s.

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According to the auction house, “German collectors remain essential to Sotheby’s business, featuring in the list of top ten countries most actively buying and selling in Sotheby’s sales for the past three years.” In this light, it’s hard to imagine that the aim of the opening is centred solely around the potential of new collectors, but what is of interest is the abundance of private collections in Germany, which provide ample opportunities for acquiring unique and unseen masterpieces.

Germany is renowned for its impressive history of supporting the arts, from fine arts to music or literature. Many of the most important art collections worldwide are located in Germany, and quite a few of these marvellous collections will be handed down to the next generation before too long.

Neuendorf Gallery pop art exhibition 1964 in Hamburg, Germany.

“The German art market is outstanding in Europe with its strong collectors on the one hand and its internationally sought-after artists on the other,” comments Alice von Seldeneck of Germany’s prestigious Lempertz auction house. “After Brexit and the uncertainties and costs associated with it, it was a logical conclusion to establish another foothold on the continent. We had expected this to happen much sooner.”

Read more: The art of cross-collecting by Philip Hewat-Jaboor

According to artnet data, German collectors have historically favoured Impressionist and Modern art, closely followed by Post War and Old Masters paintings. Now, these same categories are tied to tedious export rules and regulations, newly introduced by Germany’s culture minister (ostensibly to protect Germany’s cultural heritage), which are suppressing international trade. The fourth most popular collecting category is Contemporary Art, which is much easier to buy and sell internationally. With the rise of the new millennial generation of collectors, perhaps the German market is primed for a shift in wealth and collecting habits?

Infographic courtesy of artnet

Germany ranks 4th in terms of sales in western countries after the United States, the United Kingdom, and France (source: art net). “In 2020, 40% of German bidders were new to the company, while the number of German buyers in online sales tripled, ” revealed a spokesperson from Sotheby’s. With many of Europe’s hottest emerging artists flocking to Berlin, it’s only a matter of time until the country becomes a hot spot in terms of Contemporary and Ultra Contemporary art.

“Berlin is an ideal combination of a strong primary and secondary market with different generations of collectors,” says von Seldeneck. “The strong consignments from abroad show us how highly regarded the German art market is internationally.”

Infographic courtesy of artnet

The city is a place of inspiration for many creatives from around the world as reflected by the plethora of blue chip galleries that have recently opened in the German capital. Four of the world’s top earning artists – Gerhard Richter, Georg Baselitz, Anselm Kiefer, and Frank Auerbach – are also Germany-based. But will this rise in popularity be reflected in actual sales and growth of the market?

Read more: The gastronomic delights of Suvretta House, Switzerland

According to Berlin-based gallerist and former BVDG (German Association of Galleries) board member Klaus Gerrit Friese, the entry of Sotheby’s into the German market is a testament to the country’s strength and potential for growth. “I’m very positive about the future of the German art market. The new generation of gallerists have developed radically new ideas about viewing and selling art, which goes hand in hand with the rise of millennial collectors. So, the real potential lies in the Contemporary and Ultra Contemporary market, where I have observed a lot of upward movement in Germany over the past few years,” he says.

While Germany seems primed to become one of the world’s most important countries in terms of both creativity and sales, it remains to be seen whether the coming generational change and shift in collecting preferences will propel the country into the upper echelons of the market.

Follow Sophie Neuendorf on Instagram: @sophieneuendorf