Eddie Martinez: As Frieze London Opens, an Uncertain World Awaits Outside

Last fall, Frieze London opened to lengthy lines for VIP collectors, prompting complaints from exhibitors. While Frieze solved the problem in time for its 20th anniversary edition—entry at this year’s opening VIP preview at 11 a.m. was smooth and swift—the market appears to be on shaky ground. Last week’s sale of works from Shanghai’s Long Museum was just the latest auction this year to disappoint, as the major houses all reported double-digit percentage drops in revenue in the first half of 2023. Meanwhile, just days before the fair opened, Hamas launched an assault on southern Israel, leading the country to initiate a bombing campaign of the Gaza Strip.