Art and framing industry publisher Redwood Media Group purchased a pair of annual art shows, the Ohio-based company announced last week.
Red Dot Art Fair, part of Miami Art Week, and international contemporary fair Art Santa Fe will join Spectrum, Artexpo New York, and Art San Diego under Redwood's events portfolio, where the shows will benefit from Redwood's operational and marketing support, according to the company.
In addition to the live events, Redwood publishes quarterly art industry magazines Decor and Art Business News, and the newly-acquired events will be integrated with Redwood's media brands, Redwood president and CEO, Eric Smith, tells Folio:.
"The magazines promote and cover our events and the events provide bonus distribution to over 103,000 art collectors, gallery owners, designers, archicects and dealers," Smith writes in an email exchange.
Live events continue to serve as a key source of revenue for trade publishers as they look to counteract shrinking dividends from print advertising. This week alone, Vendome Group expanded its exhibitions business, while NAMCO Media shut down the print editions of its publishing industry magazines, in part to focus more on events.
"Art shows account for over 95 percent of total revenue for Redwood Media Group," Smith tells Folio:. "The art show category continues to grow as galleries and artists continue to go outside their gallery and studio walls in search of collectors."
Terms of the deals were not disclosed.