Art Fairs Don’t Make Sense For Middle-Market Galleries (And Yet They Do)

As the middle market shrinks, many dealers are finding they can’t afford to do fairs—but they can’t afford not to, either. “It’s very hard to estimate what the revenue will be, so a gallery’s decision to do a fair is highly uncertain,” says Olav Velthuis, a professor at the University of Amsterdam who specializes in economic sociology. “People don’t realize that fairs are loss leaders for many small galleries.”