The article reports that two major Asian art fairs, Taipei Dangdai Art and Ideas and Art Busan, are currently running through May 11, but both have seen significant drops in exhibitor numbers. Taipei Dangdai is down 32% to 53 galleries, while Art Busan is off 16% to 109 galleries. Dealers cite rising costs, geopolitical uncertainties, and fair fatigue as reasons for a more selective, pragmatic approach to participation, focusing on regional fairs and transactional value over visibility.
This matters because it signals a structural shift in the global art fair model, particularly in Asia. Mid-sized galleries are prioritizing regional fairs like Taipei Dangdai and Art Busan over costly international events, and fairs themselves are forming partnerships (e.g., Art Busan and Tokyo Gendai) to boost appeal. The trend reflects a broader recalibration of the art market toward sustainability and local collector relationships amid economic and geopolitical headwinds.