While there may be glitzier, more publicized affairs, such as Frieze and Art Basel, and those that cater to more specific niches—the London Antique Rug and Textile Art Fair, for example—few events are taken more seriously than ARCO by high-profile collectors looking for cutting-edge international art. Ever since ARCO was founded in 1982, following a last minute switch of city from Barcelona to Madrid, the fair has aspired to global recognition. Now in its 34th edition, a fundamental lynchpin in the European art market—and one of the most established art fairs in the world—it still draws in excess of 100,000 attendees. Based on the northeastern outskirts of Madrid, ARCO is uniquely eclectic in its offerings of global avant-garde to work from emerging artists, adding 27 new galleries to the general programme this year, despite the fact there are now more than 200 art fairs in the world. But what ARCO has most successfully achieved is to make a virtue out of necessity, and ride on the crest of the Latin American art scene’s towering new wave.