When Claus Föttinger installed his Bar 60/99-16 (2016) in the booth of Düsseldorf’s Van Horn Gallery at Art Cologne, Rhinelanders did what they are said to do best and partied, using the installation as an actual bar. Yet what might have been expected to be the biggest celebration—the opening of the 50th Art Cologne, the oldest continuously running contemporary art fair—was a rather sober event. Everything was in place: after a long and painful downturn, some important international galleries have returned to the fair since Daniel Hug became director in 2008. Almost all of the predominant German protagonists have become regulars again since the death of Art Forum Berlin in 2010, and collectors from neighboring countries visit the fair, even some Britons and Americans. All this adds to the unrivaled (in Europe) density of private collectors and institutions in the Rhine region. Sales have always been solid—rarely spectacular—at Art Cologne, where the collectors are traditionally educated and savvy but not deep-pocketed. But for a 50th jubilee one would have expected more. The low-key atmosphere was only partly due the general sentiment of a world in crisis, and there are structural reasons why the fair felt uninspiring. One of its strengths has …