Frieze, Premiere Art Fair Company Sold on Eve New York’s Art Week
After much speculation about who would purchase Frieze, one of the world’s premiere art fairs, it turned out that the call was coming from inside the house.
Ari Emanuel, 64, the former chief executive behind the sports and entertainment conglomerate Endeavor, which currently owns the Frieze fair and its signature magazine, announced on Thursday that he was setting up a new company, as yet unnamed, to purchase Frieze.
Endeavor recently announced a similar deal for its basketball representation business — all part of the complicated hurdles to completing a take-private deal with the investment company Silver Lake, a longtime financial backer of Endeavor. Endeavor’s debt and its business of basketball representation were valued at $13 billion when it was acquired by Silver Lake, a long-time financial backer of Endeavor. (Endeavor went private in March. “Frieze has always inspired me, both professionally and personally,” Emanuel said in a press release. He is currently the executive chairman of WME Group. The announcement comes a week before Frieze New York returns to The Shed, with over 70 participating galleries. The show draws tens of thousands of visitors each year, including ultrawealthy collectors who might spend upward of $1 million on a single painting there.
Despite changes in the company’s structure, the Frieze leadership team will stay intact, including its chief executive, Simon Fox, according to a spokeswoman. She said that the deal included Frieze magazine and the retinue from seven international fairs including EXPO Chicago and the Armory Show, New York, Frieze Los Angeles, and Frieze Seoul. Some gallerists can now breathe a sigh if they know that Emanuel’s company has a long-standing relationship with Frieze. His company purchased a stake nine years ago and will be acquiring full ownership of Frieze in 2023. “This is a stabilizing buyer,” said Alexander Gray, a Manhattan gallerist who also sits on the selection committee for Frieze London.
