After three years Reed Exhibitions has finally pulled the plug on Paris Photo Los Angeles and canceled the planned launch of FIAC Los Angeles. The reason given was not surprising. According to Jean-Daniel Compain, Senior Vice President Culture, Luxury & Leisure Division at Reed Exhibitions France, "Unfortunately, we must concede that after three consecutive years trying to install Paris Photo in Los Angeles in a sustainable and lasting way—despite the abundance of collectors in Los Angeles and California that figure among the buyers regularly in attendance at international fairs—the level of sales during Paris Photo Los Angeles is not sufficient to support such a Fair and to offer our exhibitors the best conditions of return on their investment."
Or, in other words, none of the exhibitors were making enough sales to come close to their high expenses here—something we've been reporting for the last three years. When Paris Photo's new management team seemed to renew the expired three-year contract for the Universal Studios location for Paris Photo LA this past summer, we were astonished. You can read what we said last July here: http://www.iphotocentral.com/news/article-view.php/229/217/1431/0/0/10/archive.
Fortunately for Reed, the new team obviously did finally get the message that this show location just wasn't going to work for them in today's market. That's a positive sign for Paris Photo, which is a great franchise that was getting watered down with this Hollywood-style fair, where attendees focused more on being seen rather than buying.
You have to applaud the new team for "biting the bullet" and cancelling this dud of show. You also have to give the group credit for giving 20% back to its Paris exhibitors after the disastrous November events impacted those exhibitors (and Paris Photo itself). That was a magnanimous gesture. Paris Photo and Reed may finally be getting it right again.