After rumblings across the financial markets in the last few months, art dealers from around the world have gathered in London for the city's premier contemporary art fair Frieze in hopes of shifting an estimated $350 million USD (according to art insurers Hiscox) worth of art.
Some impressive sales were clocked Wednesday, with a painting by German artist Neo Rauch selling for $1.35 million, according to a spokesperson for New York dealer David Zwirner, who sold the piece.
But Frieze -- one of the world's foremost contemporary art fairs and a good barometer of the market -- is expanding its borders and developing another fair dedicated to art throughout history for next year's edition.
"The fact of it is that the art fair world is highly competitive and it's actually overcrowded," said Georgina Adam, art market Editor-at-Large for the Art Newspaper.
"The view from the outside is that the Frieze organizers obviously feel that they need to occupy that (older) space," she continued.
Victoria Siddall is the director of the new fair, which is called Frieze Masters. She explained that it will feature presentations from a select group of around 70 dealers, and will showcase art from antiquity all the way through to the year 2000.
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