PARIS -- Art aficionados have gathered in "The City of Light" this week for the 36th annual FIAC ("Foire internationale d'art contemporain"), the most prestigious contemporary art fair in France. Following on the heels of London's Frieze Art Fair last week, Paris' FIAC is hoping to capitalize on the momentum of this year's reported upswing in art sales achieved at the Frieze. Despite 28 dealers and more than 40 galleries from last year not returning, FIAC 2009 will present over 200 exhibitors representing thousands of artists.
At FIAC's VIP preview on Wednesday night, Femme Ecrivant, a $24 million painting by Pablo Picasso of his mistress, Marie-Therese Walter, was put on reserve. Fine art by other modern masters such as Francis Bacon, Piet Mondrian and Fernand Leger, will also be up for bid. More than 65,000 visitors are expected to stroll the picturesque locations around the Tuileries Gardens, Grand Palais and the Louvre Museum, where the FIAC will display some of the world's finest modern masterworks.FIAC (Oct. 22 - 25, 2009) | Website
[Read more - $24 Million Picasso Reserved as Arnault Joins Browsers at FIAC | Bloomberg]