Lucie Kitchener, the former CEO of the renowned design fair Masterpiece London, made headlines when she stepped down from her role in December. This departure marked a significant shift for the Masterpiece brand, which has not held a fair since 2022. The parent company of Masterpiece, MCH Group, revealed that future plans for the fair are currently under review, hinting at potential rebranding efforts on the horizon.
In a surprising turn of events, MCH Group, the Swiss events company behind Art Basel, announced the cancellation of the 2023 edition of Masterpiece in regulatory filings. This decision came as a blow to many in the art and design community, as the fair had been grappling with financial challenges for several years. Reports revealed that Masterpiece had been operating at a loss since at least 2020, with mounting financial pressures that ultimately led to the cancellation of future editions.
Financial Struggles and Operational Challenges
Back in 2021, MCH Group’s directors had expressed optimism about Masterpiece London’s prospects, anticipating a return to profitability following the disruptions caused by the pandemic. Unfortunately, those hopes were dashed as subsequent financial reports painted a grim picture of the fair’s financial health. In 2022, Masterpiece faced a significant profit loss of £2.2 million, followed by another £2 million loss in 2023. These staggering figures underscored the deep-rooted financial troubles plaguing the fair.
During its final run in 2022, Masterpiece managed to generate $5.9 million in revenue, a modest increase compared to its operating costs. Despite efforts to boost sponsorship and engage heritage brands, the fair struggled to secure sustainable revenue streams. The departure of key board members further added to the challenges facing Masterpiece, signaling a turbulent period for the once-prominent design fair.
A New Chapter for Masterpiece
Following the cancellation of the 2023 edition, former employees of Masterpiece took matters into their own hands by launching Treasure House Fair, a new art, antiques, and design fair. With around 40 galleries making the switch from Masterpiece to Treasure House, the emergence of this new fair marked a significant shift in the industry landscape. Despite facing its own financial hurdles, Treasure House Fair pressed on, determined to carve out its own niche in the competitive art fair circuit.
While MCH Group has yet to give up on the Masterpiece brand, signaling plans to retain the fair’s trademark and brand identity, the future remains uncertain. The company has hinted at a “new concept” for Masterpiece, teasing a potential reimagining of the iconic fair. As industry insiders eagerly await further details on MCH’s plans for Masterpiece, the landscape of the art and design world continues to evolve, with rival fairs like TEFAF gearing up for their upcoming editions.
As the art world braces for a new chapter in the Masterpiece saga, the industry remains abuzz with speculation and anticipation. With the fate of one of London’s most prestigious design fairs hanging in the balance, all eyes are on MCH Group as they navigate the challenges and opportunities that lie ahead. Stay tuned for the latest developments as the story of Masterpiece London unfolds in the coming months and years.
