“Following five years of
double-dip recession, Spain finally appears to be on the road to recovery,”
says Natasha Degen, a scholar and expert on the international art market at
Sotheby’s. “Consumer demand is on the rise, exports are increasing, and, in January,
JP Morgan released a report titled ‘Spain is Back.’”
“In order to compensate for
Spain’s economic slump, the fair adopted a more global approach, with 66% of
galleries in 2013 coming from abroad,” Degen says. “This year that percentage
is even higher, at 68%. The fair clearly has its eye on the high-growth markets
of Latin America.” The figures coming from ARCOmadrid confirm this: the fair
will represent galleries from 23 countries this year and, with a budget of 4.5
million Euros, it is investing as much as 20% of that in international
initiatives aimed at boosting sales. These activities include promoting the
fair abroad and fostering relationships with international collectors, of which
they’re expecting about 500 when they open their doors for business next week.