Founded by a group of galleries in 1988, Melbourne Art Fair is today owned and operated by the Melbourne Art Foundation, an Australian nonprofit arts organisation dedicated to the support of living artists. 

Since 2003, the Melbourne Art Foundation has distributed over AUD $1M in artist fees and grants, and facilitated an estimated AUD $70M in contemporary art sales at Melbourne Art Fair. With the endorsement of the Art Galleries Association of Australia (AGAA) the Fair continues to be a seminal fixture on the Australasian cultural calendar, stimulating critical and commercial attention for artists for over 35 years.

Melbourne Art Foundation produces the annual Melbourne Art Fair and, in 2025 produced in partnership with Creative Victoria, the Victorian First Peoples Art & Design Fair Showcase Exhibition.