The positive results and the signs confirming the recovery of the art market have been the key features of the International Contemporary Art Fair, which was opened last Thursday by the King and Queen of Spain, and closed On Sunday by the President of Colombia, the Guest country, in support of the participating Colombian galleries.
The most significant details include the return of Spanish collecting on both a private and corporate and institutional level, which has been confirmed as a result of the growing confidence in the art market in our country, with an upsurge in sales, especially during the first two trade-only days, with 300 collectors invited from 33 countries in addition to the presence of numerous Spanish collectors.
Also, the arrival of Chinese buyers interested in Spanish art stood out at this edition, with names like Secundino Hernández and Néstor Sanmiguel Diest attracting attention, among other national artists. There was also a strong presence of Colombian collectors with significant interest in the fair.
The institutional and corporate purchases confirmed in this edition of ARCO include those by IFEMA for the ARCO Foundation; the Museo Nacional Centro de Arte Reina Sofía; the Asociación 9915 and DKV Seguros, as well as organisations like Iberdrola, Alcobendas Town Council, Banco de la República and the Pérez Art Museum, among others, which are now completing their purchases at ARCOmadrid.
The positive results at this edition could mean it does even better than 2014, when ARCOmadrid brought in 100 million euros in revenue for the city of Madrid and the Spanish economy, according to the study conducted by Clare McAndrew for the Fundación Arte y Mecenazgo.