LONDON - The venerable Grosvenor House Art & Antiques Fair, which has symbolized the highest standards of excellence in fine art and antiques for 75 years, has ceased operations. The 2010 edition of the fair, which had been slated for June 10-16, will not take place.

Held annually at the elegant five-star Grosvenor House hotel on Park Lane in London, the Grosvenor House fair has consistently attracted the crème de la crème of antiques dealers since its launch in September of 1934, and has enjoyed the patronage of Her Royal Highness Princess Alexandra.

Grosvenor House management made the announcement of the fair's dissolution through a media release, stating: "It is with great regret that The Grosvenor House Art & Antiques Fair and Grosvenor House announce that The Grosvenor House Art & Antiques Fair will no longer be continued.'

"For 75 years the hotel and the art and antiques trade have enjoyed a happy and productive relationship, but it has been decided in consultation with the British Antique Dealers' Association and The Grosvenor House Art & Antiques Fair Executive Committee that the Fair is no longer financially viable. The closure of this much-loved fair, however, presents an opportunity for the trade to mount a new event commensurate with maintaining London as the centre of the art market."

Simon Phillips, chairman of the fair, remarked that the 2009 edition, held last month, had been a great success, stating, "It is a great disappointment to me that The Grosvenor House Art & Antiques Fair has come to an end. I quite understand that it no longer makes financial sense to continue the fair. It has been a very long and happy partnership, but most great events have a lifespan and a diamond anniversary is a fitting point on which to end on a positive note."

Ironically, the annual event debuted during the Great Depression with the intention of giving the antiques trade an economic boost. It was an instant success with both collectors and the smart set, and ran for a full three weeks. Echoing the past, the 2009 75th-anniversary event took place in the worst recession of recent times, but, promoters said, sales throughout the event confirmed the strength of the art market even in times of economic downturn.

The 2009 fair started well, with record visitor figures on preview day, Wednesday, June 10. Despite the Tube strike, which undoubtedly affected visitor figures at the beginning of the fair, the overall visitor numbers showed an increase of 2% at 19,537 visitors. Traditional categories of antiques, like English furniture and silver, were reportedly very much in demand.

Insiders believe the J.W. Marriott hotel group, which owns Grosvenor House, scuttled the tradition-rich antiques fair because of its 22-day time requirement from setup to knockdown. Compared to the revenue that might be generated by consecutive individual events held at the venue during a similar timeframe, the fair's profits could not compete.