‘Improving’ Mallett plans art fair

Bond Street antique and art dealer Mallett today announced plans for a new art fair in Chelsea Barracks next June, as it said trading over the past five months was better than expected.

But although Mallett said sales were "improving", it has one big asset on its hands that it can't get rid of: its Bond Street premises. The dealer said the deterioration in the commercial property market made it difficult to obtain an "appropriate value" for the shop, so it is staying put for now.

That could be a good thing because Mallett might need somewhere to store the stock it claims to be accumulating. Chief executive Giles Hutchinson Smith said the firm was "taking advantage of some excellent buying opportunities" for high-quality antiques and classic art.

They will be among the goods up for sale at next June's art fair, Masterpiece London, which will also include wine, classic cars and jewellery. The dealer is investing up to £100,000 in the fair as part of a consortium. Over the past five months Mallett said it was "encouraged" by expectation-beating trading. It is on target to shave £2 million off costs, and although turnover was lower than the same time last year, said conditions were "improving gradually".

The specialist retailer may be benefiting from the demise of rival Partridge Fine Art, on New Bond Street, which fell into administration in July after losing valuable clients due to the recession.