Today, we’re launching the 2025 Art Fair Report by First Thursday.

In this first edition, we gathered perspectives from mid-size commercial galleries around the world to understand how they are approaching fairs in 2025, what is working, what is not, and what needs to change.

• Nearly half of galleries surveyed spend more than £30,000 to participate in a single art fair

• Almost one in five spend between £50,000 and £100,000 per fair

• The average reported return on investment from fair participation was 2.6 out of 5

The report draws on conversations with galleries across Europe, North America, Asia, and Africa. Interviews took place both on the floors of major fairs, including Art Basel, Frieze, and Independent, and in galleries’ own spaces.

While experiences varied by geography and programme, there was broad agreement that the economics of fairs have become less forgiving. Costs are rising, returns are harder to predict, and galleries are increasingly selective about where they participate.

At the same time, fairs continue to play a critical role in introducing galleries to new collectors and markets. The challenge many galleries now face is converting that exposure into meaningful, long-term relationships once the fair ends.

This report would not exist without the generosity of the galleries who shared their time, insight, and data. By publishing it back to the gallery community, our aim is to support more open and practical discussions about how the fair landscape can adapt in the years ahead.

Request a copy here