MCH Group, owner of the Art Basel franchise, has reassured India Art Fair that it will not withdraw its support until a buyer is found for its majority shareholding.
In a statement issued by MCH Design & Regional Art Fairs, managing director Frank Lasry confirmed that ‘until an appropriate buyer is selected, MCH remains fully committed to the fair indefinitely’. He stressed that the decision to divest from the fair ‘is not a reflection of the success or status of India Art Fair’ but rather part of the Swiss-based company’s decision to discontinue its support for regional art fairs ‘due to a necessary restructuring process’ of its investments.
In addition to announcing in November that it planned to sell its 60.3% stake in the modern and contemporary art fair, which opens on 31 January in New Delhi, MCH has also sold its stake in Art Düsseldorf and has withdrawn from its partnership with Art SG, the first edition of which is scheduled to open on 31 October in Singapore. While MCH’s reassurance that it will not withdraw from India Art Fair without finding an appropriate buyer has assuaged fears for the future of the fair, it remains to be seen how the fragile local market will be affected.