Why the LA art scene is falling behind the rest of the world

As Art Basel’s flagship fair in Switzerland opens June 18, the blue-chip art market has staged a comeback for top galleries and ultra-wealthy collectors. Even the SpaceX IPO was expected to help keep the good times rolling. But Los Angeles is following a different path.

Local dealers and advisers report weak demand: one prominent gallerist says he can’t get clients to visit his space, and a young art adviser at LA’s Frieze noted booth price points were far below sums fetching at fairs in Miami, London and Basel. A top collector added that some of the city’s leading dealers are shifting focus to their other global locations because “no one’s buying art in LA,” while those same dealers can’t keep inventory in New York City.

An insider offered a blunt explanation: “It’s the same reason homes aren’t selling in LA.” A well-known figure went further: “Look, LA is a sh—y place to live right now. There’s no social life, the entertainment community has its head in the sand and people aren’t working… There are a lot of big hats with no cattle.

United States, Los Angeles

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