MCH Group, the parent company of Masterpiece London and Art Basel, has decided to cancel the 2023 edition of Masterpiece, which would have taken place this summer. In a press statement, Emanuel Kuhn, head of corporate communications at MCH Group, said that “escalating costs and a decline in the number of international exhibitors mean that the event is not commercially viable this year.”
The multi-disciplinary art fair was founded in 2010 and grew to be a staple in London’s calendar of summer events, presenting all kinds of fine art, antiques, jewelry, design, and luxury vehicles. Held every year at the Royal Hospital in Chelsea close to events such as the Wimbledon tennis tournament, the Royal Ascot races, and the Chelsea Flower show, international visitors from every country flowed into London every July.
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After a 67.5% investment in the fair in 2017, MCH Group took over full ownership of Masterpiece just five months ago. The company also runs Art Basel in its four locations – a priority for the firm.
Chief executive Lucie Kitchener cited Brexit to the Art Newspaper as one of the causes of the decline of the fair, with fewer European galleries attending the 2022 edition than before. Though last year's Masterpiece had reportedly brought in good sales to the exhibitors, it is clear that the UK's inflationary and post-Brexit environment has posed real challenges to the art world ecosystem.
In a statement, the company said that it is “considering future options for the Masterpiece brand”, and though it has been indicated that only this year’s edition has been canceled, art market watchers are not hopeful about an eventual comeback.
