ABOVE: detail from Russian collective The Blue Noses Group’s Boys in the hood (2004). The work is one of hundreds being shown at FIAC 2005.

FIAC, the Paris exposition of new French and international art, opened yesterday and Bloomberg is there to tell us all about it. Seems that Paris is looking a bit creaky these days as a centre of art creation and commerce, and FIAC—the International Fair for Contemporary Art for the francoignorant—is hoping to turn the tide with a bigger and better fair this year. Bloomberg wrote in a story late yesterday that the FIAC organizers have lured in a larger proportion of foreign galleries and dealers, while trying to shake off its rep as a snooty regional affair.

It’s going to be an uphill climb: the story quotes one gallery official who proclaims that “France has the weakest art market in Europe,” and prices there are shockingly low—works by artists born after 1960 apparently sell for an average of 3,023 euros each in France, while works by the same age group in the U.S. sell for an average of 58,607 euros. Plus, London and New York have largely come to dominate the international market for high-end art, leaving Paris et al. to fight over the scraps. Think happy thoughts, FIAC, you’ll need them.

LINK: Bloomberg > Paris Strives to Revive Art Market With Fiac Contemporary Fair