Eye of the Collector, an art fair in London, has been paused due to changing collector demographics, rising costs, and market dynamics, according to founder Nazy Vassegh. She noted that economic fluctuations worldwide have made organizing events increasingly challenging, especially for international galleries. Although the fair had been lauded as a next-generation alternative in the art world, its future hinges on the economic landscape in the coming months. The situation has been exacerbated by factors like Brexit which threaten the British art market, compelling collectors to explore options outside of London.
There's a new world order, the economic landscape is massively changing worldwide and that impacts all of us. Everything has gone up: event costs, insurance, shipping, staff costs.
London has always proved its resilience as a great city, but doing business in the city, especially for overseas galleries, has become significantly more complicated and more expensive in recent years.
The fallout from Brexit and the abolition of the 'non-dom' tax regime have threatened to crush the British art market.
Eye of the Collector was launched in 2020 as a next generation art fair alternative and was forced to hold its first edition online due to the Covid-19 pandemic.
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