Paris Is Rising as an Art Market Hub, With Some Way Left to Go

“This is the Mona Lisa of handbags,” said Aurélie Vassy, Sotheby’s head of handbag and fashion sales in Europe, as she unlocked a glass display case and proudly revealed a battered black leather Birkin.

“The first in the world, made for Jane Birkin. It’s the beginning,” said Vassy, pointing out the design features of the bag, specially made by Hermès for the Anglo-French singer and actress in 1984. Three years earlier, Birkin had found herself sitting next to the chief executive of the luxury brand on a flight from Paris to London and had sketched the design on the back of a sick bag.

This precious fashion icon, on loan from the collection of the pre-owned luxury dealer Catherine B, was one of the star exhibits at the opening of Sotheby’s new salesroom in the Avenue Matignon district of Paris on Saturday. The auction house will hold Surrealism and modern art sales on Friday, just days after the inaugural edition of the Art Basel Paris fair begins in the newly renovated Grand Palais.

The Paris art scene is expanding. After Britain’s 2016 vote to leave the European Union, a procession of international gallerists established spaces in the French capital, expecting its underperforming art market to revive at London’s expense.

When Art Basel took over the management of Paris’s flagship October fair in 2022, this nurtured hope that the city’s art scene would become a magnet for international collectors. (It ran the fair for a couple of years from a temporary location under the ungainly name “Paris+ par Art Basel” before rebranding for this year’s edition.)