A number of L.A. art galleries and investors will be among the more than 16,000 estimated attendees at this year’s Art Los Angeles Contemporary fair at Santa Monica’s Barker Hangar from Jan. 26 to 29.

Sixty-four exhibitors from Los Angeles and around the world will be showcasing what’s new for 2017 in the contemporary art scene.

“It’s often one of the first fairs of the year, so basically it’s a good litmus test for how the market is doing – how people are buying, what people are buying,” said Darius Sabbaghzadeh, a spokesman for Art Los Angeles Contemporary, now in its eighth year. “It’s also a lot about how art itself is evolving, too.”

Demand could be strong, according to some familiar with the market.

Michelle Black, head of the wealth advisory group at downtown’s Capital Group Private Client Services, said art investing appears to be on the rise among wealthy residents in Los Angeles.

“Nearly 30 percent of high-net-worth investors in Los Angeles plan to purchase art as a passion investment in the next 12 months,” she said, referring to a recent survey of the firm’s clients.

Attendees of the event, produced by Fair Grounds Associates of Hollywood, a production company founded by Tim Fleming, can expect to find exhibitors displaying pieces by emerging local artists such as Jesse Stecklow, whose work will be presented by L.A.’s M+B gallery, and Jibade-Khalil Huffman, whose work will be exhibited by the Anat Ebgi gallery, also of Los Angeles.

Prices at the show for emerging artists typically range between $5,000 and $12,000, according to Sabbaghzadeh, though more expensive works will also be on display from established artists.

“The entertainment community comes out in droves,” he added, noting Hollywood producers, actors, and agents have frequented the event in previous years looking for pieces to enrich their collections.

Andrea Feldman Falcione, an independent L.A. art adviser and consultant, said Art Los Angeles Contemporary is a good event for new collectors to enter the market.

“Prices tend to be more in the range of what they’re looking for,” she said.

Sabbaghzadeh added that the event feels different than shows in other cities because the local market has taken on a different character.

“The way people buy art in Los Angeles is quite different,” he said. “People like to see artists’ careers developing. There’s more of an artist focus than simply making sales.”

Black said her clients turn to passion investments such as art, wine, and even collectible cars when they want to diversify beyond stocks and bonds.

“Art doesn’t generate any cash flow and you can’t use art to supplement your living expenses,” she said. “We really think about it in terms of an overall wealth strategy.”