Art Basel, which is generally regarded as the leading contemporary- and modern-art show — most people would say it’s the quality of the exhibitors. But there’s a less visible force contributing to Art Basel’s elite status: Messe Schweiz, the powerhouse Swiss company that owns it and its stateside sister event, Art Basel Miami Beach. By keeping the exhibitor list to under 300 despite an increase in applications, Messe Schweiz has foregone increases in revenue from additional booth fees to limit the event to top international galleries.

Attracted by their profit potential — especially during the contemporary-art boom — but also by the glamour they can add to portfolios of corporate trade events, other companies have taken Messe Schweiz as their model and snapped up fairs that originated as small dealer-run events; some have even launched their own. The Chicago-based Merchandise Mart Properties, Inc. (MMPI) owns eight fairs, half acquired through purchases and half through launches. Reed Exhibition France took over Fiore Internationale d’Art Contemporain (FIAC) and Paris Photo in 1994 and 2001, respectively.

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