The inaugural edition of Photo London took a step closer yesterday as Candlestar, the creative consultancy behind the fair, announced details of the event that will take place at Somerset House from May 21-24 2015.

Photo London will bring together 70 international galleries as well as a public programme, supported and produced in conjunction with Maja Hoffmann’s LUMA Foundation. The aim is to create “an event on a par with but not as overwhelming as Frieze”, according to Michael Benson, one its founders. The V&A will also show hitherto unexhibited works from its vast collection at Somerset House, while across the Thames Tate Modern will play host to a parallel photobook fair.

Participating galleries will be selected by a curatorial panel including: Dr Tobia Bezzola, Maryam Eisler, William Ewing, François Hébel, Sofia Vollmer de Maduro, Sebastien Montabonel and Wendy Watriss. PhotoLondon has said that in the event that applications outnumber the places available, priority will be given to galleries who are proposing to exhibit new work by established artists and those that intend to showcase new talent.

“In the UK we ignored photography for quite a long time,” Benson said, speaking to the Guardian. “When Paris was having its photography moment we were having our Britart moment – I seriously think we kind of just ignored it. And then all of a sudden, and I don’t know who the genius behind it was, but someone said we’ve neglected photography for too long. Various appointments were made, museums started taking it seriously and prizes started being located here.”

Fariba Farshad, his co-director at Candlestar, added: “We want to make Photo London a destination – an environment full of delights and surprises for our visitors. We are fortunate enough to have such a wonderful location and the brilliant young architectural team from Studio Integrate to help us realise this ambition.”

Photo London will take place May 21-14 2015.