The Swiss-based MCH Group, which owns the Art Basel franchise, announced today (12 September) that it has taken a majority stake in the India Art Fair. The group now owns 60.3%, the previous owner Angus Montgomery has 29.7% and Neha Kirpal, the fair’s founding director retains 10%.
Kirpal, who established the fair in 2008, will still “play a key role” in its development, according to a statement. “MCH’s commitment to [the] region will help us develop the fair in coming years,” Kirpal says. The new ownership comes into effect ahead of the next edition of the fair in February 2017 although the “value of its engagement” will not be fully felt until 2018.
In July, MCH hired two digital experts who will contribute to the new partnership “by amplifying and developing digital initiatives in the art sector”, according to the statement. Marco Fazzone, the managing director of design and regional art fairs at MCH, says there are plans to develop the India Art Fair into “a leading face-to-face and digital platform”.
Sandy Angus, the chairman of Angus Montgomery, describes the fair as “the most significant” in the region. “Since we joined India Art Fair in 2011, we have seen significant growth in visitor numbers and sales. With MCH Group’s network and expertise we look forward to realising the full potential of this signature event,” he says.
The announcement comes six months after MCH revealed plans to expand its portfolio and buy a stake in existing regional art fairs run by other organisers. The India Art Fair was among the events earmarked for a possible partnership. The group was also in discussions with SME London, which manages Hong Kong’s Art Central, Sydney Contemporary and Art16 in London.
Last week, Art Basel announced that Buenos Aires has been selected as the first partner for the new Art Basel Cities programme. The multi-year initiative, set to launch in late 2017, aims to expand “Art Basel’s engagement in the art world from staging art fairs to working with cities to develop cultural events with international resonance,” according to a statement.
