$2.2 Billion Worth of Art Will Be Featured at London’s Frieze Week

 "The Complete Spot Paintings" at the Gagosian Gallery on January 12, 2012 in London, England.

Frieze Week is London’s largest collection of art events in Europe that lasts for a week straight and offers auctions, galleries and fairs that will display a total of $2.2 billion worth of artwork. The art fair opened in Regent’s Park and a limited amount of wealthy collectors will be present with hopes of winning some prized pieces to add into their collections. All types of art will be featured and artwork from some of the world’s most famous artists such as Cy Twombly and Rembrandt will be on sale at the auction.

Last’s years festival brought in an estimated total of right around $2 billion, already improving this year by 10%. The market for contemporary art is very lively at the moment and there are a ton of active buyers all out hunting down rare pieces they desire, which helps the galleries to continue earning money, but it’s still shocking how popular this event actually is. The highest quality art pieces available are being sold or auctioned off at this event each year and around 70,000 people are coming out to support the cause.

The Frieze event has 162 different galleries incorporated into the main fair, while the Frieze Masters (a sister event) tacks on another 127 galleries filled with modern and historical artwork. The event has done well at ensuring big, expensive pieces of art will be there and available to bid on; especially from artists like Rembrandt. One of the fair’s most expensive works is a 17th century Rembrandt portrait that is worth $48.5 million alone, while a Twombly painting from 1959 is going for $24 million.

Overall, the Frieze Week in London is a very, if not, the most, important event for the global art scene. It circulates a massive amount of money into the artistic community and allows collectors to browse a gigantic collection of pieces from some of the most recognized names in art history.

Photo by Matthew Lloyd/Getty Images

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Written by Blaise Hopkins

Feel free to contact Blaise on Twitter @Blaisehopkins or check out his blog Man and His Movies.