Ari Emanuel. Photo: Paul Smith/Endeavor. Courtesy Frieze

By CGN Staff

Today, four days after Frieze-owned EXPO CHICAGO wrapped up its latest fair, news broke that Ari Emanuel–the 64 year-old brother of Chicago's former Mayor Rahm Emanuel–is setting up a new, unnamed company to purchase Frieze. Endeavor, the company that has owned Frieze, said Thursday said that it had agreed to sell Frieze to a new events and experiences company founded by Emanuel and backed by a group of investors.

Ari Emanuel shared in a statement, “Frieze has always been a source of inspiration for me — both professionally and personally,” Emanuel, who currently holds the title of executive chairman at WME Group, said in a statement. “Having worked with the team for nearly a decade, I’ve seen firsthand the strength of their community and the ambition driving their mission to expand the reach and understanding of contemporary art.”

EXPO CHICAGO just ended its four day run this past Sunday, and Frieze's flagship event, Frieze New York, returns to The Shed next week on May 7. A spokesperson said that changes to the company’s structure will not impact Frieze's leadership team and Simon Fox will remain chief executive. The deal also includes Frieze’s magazine and its seven international fairs, including EXPO Chicago, the Armory Show in New York, Frieze Los Angeles and Frieze Seoul.

As noted in the New York Times, "Given the downturn in the art market, which has experienced a 12 percent year-on-year decline in global sales, some industry experts had worried that Frieze’s sale to an outside buyer could have disastrous implications for the business. Some gallerists are now breathing a sigh of relief, knowing that Emanuel has a long history with Frieze; his company first purchased a stake in Frieze nine years ago before gaining full ownership in 2023."