Sao Paulo Arte fair sees record sales

Brazilian artists are helping lead the country's economic recovery, after recording skyrocketing sales at the country's biggest commercial art fair. Let's look at why art-lovers from around the world have flocked to the Sao Paulo Arte fair.

Fueled by a booming economy and soaring profits in Brazil's stock market, sales have boomed at the country's biggest contemporary art fair.

Sales have jumped 23 percent from last year, which roughly equates to 32 million reais or 17 million US dollars.

There was also an increase in participation from foreign art galleries. Important European art galleries such as London's powerful Stephen Friedman joined the fair this year amid tumbling sales at home. Galleries from Spain, Mexico and Uruguay were also among the fair's newcomers.

Fernanda Feitosa, Founder of Sao Paulo Arte, said, "Foreign art galleries see the Brazilian market as a very feasible option for their new works. With several European countries still buried in the financial crisis and the United States only starting to recover now, Brazil has become a very promising place. Today, young Brazilian artists also have a greater international profile than previous Brazilian artists, who showed their works primarily in local galleries."

Organizers said nearly 16-thousand people, including international collectors and enthusiasts, visited the recently concluded four-day fair.

Fonte: People´s Daily OInline