A new report from First Thursday, a London-based sales intelligence company, reveals widespread frustration among gallerists over the rising costs and high risks of participating in art fairs. Surveying 56 commercial galleries across Europe, Asia, Africa, and North America, the inaugural Art Fair Report found that nearly half of galleries spent over £30,000 ($40,000) per fair, with 24% spending between £50,000 and £100,000. High participation costs were cited by 83% of respondents as the biggest challenge, followed by sales uncertainty (77%). As a result, 31% plan to attend fewer fairs, shifting investment to digital platforms and marketing.
The report matters because it quantifies a growing crisis in the art fair model, which has become a dominant but increasingly expensive channel for gallery sales and exposure. Gallerists describe the model as unsustainable, forcing conservative choices that disadvantage emerging galleries. Despite the costs, 71% still value exposure to new audiences above sales. The findings highlight a structural tension between the financial burden of fairs and their perceived benefits, prompting galleries to rethink strategies and call for lower costs, flexible formats, and better collector engagement tools.