Mexico City's Art Week, from February 5 to 9, is a highlight for collectors but faces difficulties this year due to constraints from U.S. politics and a weak global market. Gallerists are anxious about decreased American attendance due to budget cuts in Mexico's cultural sector, which have persisted since 2017. Meanwhile, some U.S. galleries in the city closed after failing to meet expected market strength, while local initiatives like the Young Creators' grant continue to support emerging artists amid economic uncertainty.
Budget cuts to the culture sector began under austerity measures imposed during Peña Nieto's presidency in 2017 but worsened considerably during the pandemic.
Gallerists here are of course very nervous; American collectors are an important part of many galleries' collector base here.
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