Paris, a centre of gravity for contemporary art

Driven by the arrival of Art Basel, the French capital now boasts exceptional vitality and, thanks to the dynamism of its avant-garde galleries and major private museums, has overtaken London’s prominence and rivals New York.

The arrival in Paris of the prestigious modern and contemporary art fair Art Basel had the effect of an electric shock. After replacing FIAC, the International Contemporary Art Fair, in 2022, when it debuted as Paris+ par Art Basel, the fair has grown steadily. The 2026 edition, held at the Grand Palais from 23 to 25 October, brought together 211 galleries from 41 countries and territories, confirming the French capital’s role on the international art scene. “Paris is the place to be now,” people were already saying during the October 2025 edition.

The event brought with it its prestigious network of collectors, accustomed to the gatherings in Basel in June and Miami in December. This success has strengthened the city’s appeal, creating an unrivalled concentration of fairs, exhibitions and auction sales every autumn.

Beyond the fairs, however, the art market in France is enjoying renewed momentum. According to the Art Market Report 2026, published by Art Basel and UBS, French sales grew by 9% in 2025 to reach $4.5 billion, bringing the country’s share of the global market to 8%. The United Kingdom retains a dominant position in Europe, with 18% of global sales, but France remains the European Union’s leading art market. “Brexit has rapidly reshuffled the European market. Paris is emerging as the place to buy art, to start a collection,” explains John Browne, a collector who divides his time between Paris and London.

The United Kingdom’s departure from the European Union introduced customs formalities and high VAT across the Channel, discouraging international dealers and buyers. Paris is benefiting fully from this “Brexit dividend”: some sales that would once have taken place in London are moving to France, and market participants increasingly favour the French capital.

Taxation also contributes to the French market’s appeal. Since January 2025, France has applied a reduced VAT rate of 5.5% to transactions involving works of art, collectors’ items and antiques, except those subject to the special margin scheme. This measure strengthens Paris’s competitiveness and consolidates its role as an important gateway to the European art market.

Parisian magnetism

The first expression of this change are the contemporary art galleries that are multiplying and growing in importance in Paris. Gallerist Emmanuel Perrotin, a leading figure in the new Parisian scene, has continually expanded his spaces in the Marais (now 2,550 m²) and opened in 2020 a location on avenue Matignon, while also expanding to New York, Hong Kong, and Seoul. Another sign of the times, several international mega-galleries have chosen Paris to establish themselves after Brexit: David Zwirner, Gagosian and White Cube have opened branches here, soon to be followed by Hauser & Wirth, which opened a vast four-story space in 2023. These are currently the most influential players in the art world.

Collectors from around the world now converge on Paris at major appointments. Foreign advisors and dealers multiply their visits to the capital, which is often preferred over London because of its accessibility on the European continent and its more open, and less expensive, atmosphere for artists. The presence of institutional buyers has also strengthened: prestigious museums such as the Centre Pompidou, the Bourse de Commerce-Pinault Collection or the Fondation Louis Vuitton are actively enriching their contemporary art collections, offering structural support to local artists and gallerists.

Museums: an unparalleled offer

Parallel to the private market, Paris has equipped itself since 2020 with contemporary art museums and foundations capable of competing with New York or London. The opening of the Bourse de Commerce-Pinault Collection in May 2021 has left its mark. Billionaire François Pinault has invested nearly 160 million euros in the metamorphosis of this former grain exchange into an ultramodern treasure chest for his collection. Spanning 6,800 m² of galleries designed by architect Tadao Andō, the Bourse de Commerce welcomed more than 500,000 visitors in its first year already, despite health restrictions, reaching an audience almost comparable to that of national institutions. With bold programming that combines commissions in situ (such as Urs Fischer's monumental sculpted candle, slowly consumed under the dome) and international thematic exhibitions, the Bourse de Commerce has instantly established itself as a key hub of contemporary art in Paris.

Another novelty is the relocation of the Fondation Cartier pour l'art contemporain, which in 2025 has chosen to settle in the heart of the capital, at Place du Palais-Royal. Forty years after its creation, this pioneering foundation has left its iconic building on avenue Raspail for a Haussmannian palace with 150 meters of facade, entirely redesigned by Jean Nouvel. Inaugurated at the end of October 2025 in grand style during Contemporary Art Week, this new ultra-modern treasure chest offers Fondation Cartier modular exhibition spaces of unprecedented breadth, a stone's throw from the Louvre. The goal is to double the capacity and enrich the cultural offerings in the heart of Paris, confirming the momentum of private institutions.

The Fondation Cartier thus joins other corporate or collector foundations that have flourished in recent years such as the Fondation Louis Vuitton (2014) and the Fondation Galeries Lafayette (Lafayette Anticipations, 2018). This growth of contemporary institutions, alongside public museums such as the Centre Pompidou or the Palais de Tokyo, makes Paris the most sought-after destination not only for insiders but also for all those who love art and want to get to know it and follow it closely, in the place where it is made.

Meanwhile, the Centre Pompidou is undergoing a profound transformation. Its landmark building in the Beaubourg district closed to the public in September 2025 for an ambitious renovation programme scheduled for completion in 2030. During these five years, its cultural activities continue through Constellation, a programme of exhibitions and collaborations that brings the museum’s collections to numerous French and international institutions. This transformation prepares a new chapter in the history of one of the leading institutions in European contemporary art.