Each participant in the fair will pay between $6,500 and $10,900 to split a room, ranging from 300 to 700 square feet, with another gallery. Mijares Fick and Laliberte conceived the idea of Future Fair during a time when more and more small to midsize galleries are struggling to stay open, and many galleries are questioning whether attending fairs is cost-effective.
The number of art fairs themselves is ballooning; artnet
reported that the number of fairs worldwide increased from 55 in 2005 to over 180 in 2014. Some of these new fairs are trying to revolutionize the traditional art fair structure. For example, Object & Thing
, a new art and design fair launched in May, charged participating galleries a sales commission rather than an initial rental fee for a booth.
The profit-sharing aspect of the program will run for the first four years of the art fair, which also plans to make money through ticket sales and sponsorships. Laliberte and Mijares Fick are personally inviting galleries to participate with the help of a 13-member advisory board. The list of participants will be released early next year.