'Competitive' art fairs

Based in London, Frieze was first published in 1991, and it publishes eight issues a year, introducing developments in the world of contemporary art and culture. Following the magazine's success, Frieze Art Fair in London was launched in 2003, focusing on contemporary art and living artists. It is held in October at the Regent's Park.

Frieze launched its New York fair on Manhattan's Randall's Island in 2012, and another Masters fair dedicated to historical art in London in 2014.

Matthew Slotover, the magazine's founder, says that it's important for an art fair to lead on the artistic side to keep it vigorous. "If fantastic galleries are doing great presentations of great art, and if the environment is really good, then people will come because they're curious to find things they like," he says.

Although the galleries need to make the sales, Frieze helps by meeting collectors and doing VIP programs, Slotover says. "But if you're leading on the commercial side and don't worry much about the artistic side, it doesn't go very well.

"You really need fantastic art, that's the key," he adds.