London art fair Masterpiece, which was planned for 28th June to 5th July, has been cancelled by MCH Group the parent company of Art Basel.
“Escalating costs and a decline in the number of international exhibitors mean that the event is not commercially viable this year, considering future options for the Masterpiece brand”
an MCH spokesperson says in a statement to The Art Newspaper
Masterpiece launched its first edition in 2010 and it usually forms a key cultural moment of the London summer season along with other social events attracting high-net-worth individuals.
MCH Group bought Masterpiece in 2017 which bought a controlling 67.5% stake. The fair was forced to postpone its 2020 and 2021 editions due to the Covid-19 pandemic. It held its first “post-pandemic” edition in July last year. Fewer galleries attended that edition than in years previous—129 compared to more than 150 in 2019.
Masterpiece’s chief executive Lucie Kitchener told The Art Newspaper that the decrease in galleries can be partly attributed to Brexit, which has caused a sharp decline in European dealers applying to the fair because of extra costs in shipping and other red tape.
No future editions of Masterpiece in its current format are planned. MCH group is working with the Masterpiece team to consider future brand developments.
Masterpiece’s chief executive Lucie Kitchener
More Info from MCH Group
Brexit has certainly had an impact on the fair. The number of international galleries that applied for the 2023 edition has decreased by 86%. Jewellers in particular have been affected by the UK government’s abolition of VAT refunds for international customers in 2020.
In addition, transport and build costs, impacting fair organisers and their exhibitors have risen sharply in the last two years and are expected to increase further in 2023.
The decision to cancel the 2023 edition more than six months ahead of the event has been taken this early to minimise any impact. Masterpiece will be immediately repaying in full any deposits taken for the 2023 edition. Similarly all contractual obligations with suppliers will be honoured.
The brand and event itself continue to have a strong following with over 40,000 visitors attending in 2022. We’re actively considering future options for the Masterpiece brand and will share further information in due course.
MCH Group is keen to retain the Masterpiece employees; conversations are ongoing.
Last year MCH launched Paris+ an addition to their Art Basel brand.
