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Frieze Keeps Calm and Carries On

Frieze week in London delivered a swirl of mixed messages: Collectors are wary of overspending and dealers are relying on the old dependables, but there’s a new wave of younger art-curious collectors circling the hunt. Meanwhile, Frieze’s newly enhanced V.I.P. team appeared to get results.

Francis Bacon Sotheby's
Francis Bacon’s 'Portrait of a Dwarf,' from 1975, which had been in the artist’s own collection and is often included in major exhibitions, provoked a 17-minute bidding war. Photo: Henry Nicholls/AFP/Getty Images
Marion Maneker
October 17, 2025

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“Any action yet?” a seasoned dealer asked a colleague as he returned to their booth at the Frieze Masters tent early Wednesday. His query was upbeat, but laced with dread. And it seemed to capture the mood of the art market this week in London.