The MCH Group announced today that it has sold its majority stake in the India Art Fair, furthering its goal of selling off its shares in regional events.
The Swiss-based parent company of Art Basel unloaded its 65 percent stake in Seventh Plane Networks Private Limited, the organizer of the Delhi-based fair, to Angus Montgomery Limited, an event-production company run by Sandy Angus. Angus Montgomery already owned the other 35 percent of Seventh Plane Networks, making it the sole owner of company and its portfolio.
“We are delighted that a reputable and reliable partner is taking over our shares and making a very strong commitment to [the] India Art Fair,” Bernd Stadlwieser, MCH Group’s new CEO, said in a statement. “[Sandy Angus] will support the fair in continuing its successful development.”
With the acquisition, Angus Montgomery strengthens its grip on the art fair market in southeast Asia. The company operates more fairs in the region than any other organizer, boasting a portfolio that includes Art Central Hong Kong, Taipei Dangdai, PHOTOFAIRS Shanghai, and Art SG in Singapore. A spokesperson for the company declined to reveal how much it paid for the acquisition of MCH’s shares.
For MCH, the selloff was a long time coming. Last fall, as part of a larger effort to reduce costs and streamline operations, the company announced plans sell its interests in the regional fairs it had invested in just two years prior. MCH then moved its shares of Art Düsseldorf in May to Sandy Angus and entrepreneur Tim Etchells.
The next edition of the India Art Fair, set for January and February 2020, will go on as planned, the fair’s director Jagdip Jagpal told the Art Newspaper.
Follow artnet News on Facebook:
Want to stay ahead of the art world? Subscribe to our newsletter to get the breaking news, eye-opening interviews, and incisive critical takes that drive the conversation forward.