In a statement Emanuel Kuhn, head of corporate communications at MCH Group, said: “Escalating costs and a decline in the number of international exhibitors mean that the event is not commercially viable this year.
“Brexit has certainly had an impact on the fair. The number of international galleries that applied for the 2023 edition has decreased by 86%.”
He said jewellers in particular have been affected by the UK government’s abolition of VAT refunds for international customers in 2020.
Transport and build costs also rose sharply and were expected to increase further this year.
The art, design, antiques and luxury fair had been scheduled for June 28-July 5, 2023.
Masterpiece will be repaying in full any deposits taken for the 2023 edition and MCH said all contractual obligations with suppliers will be honoured.
Kuhn added: “We’re actively considering future options for the Masterpiece brand and will share further information in due course. MCH Group is keen to retain the Masterpiece employees; conversations are ongoing.”
Masterpiece London began in 2010 and in 2017 MCH Group, the Swiss owner of Art Basel, bought a majority stake in the fair.