The Canadian-born, London-based vendor Stephen Friedman is to shut his New York gallery on the finish of February 2026, lower than three years after he opened the house in Tribeca.
In response to an announcement from a spokesperson for the gallery, the choice to “conclude its New York programme” marks a “strategic evolution for the gallery because it consolidates its operations in London”—the place a number of new administrators have not too long ago been employed. In an announcement, Friedman says the transfer will enable the gallery “to focus our sources on the areas the place we’ve got the best affect and suppleness, working internationally, cultivating deeper relationships with a powerful London base”. He’ll stay engaged with the US artwork scene, he says, “by way of our lively participation in main gala’s and our longstanding relationships with artists, museums and collectors throughout the nation”. The gallery’s roster of artists and estates will “stay unchanged”.
The New York house opened in October 2023 after present process an in depth and expensive renovation. Its inaugural exhibition was of the American artist Deborah Roberts, and it has since hosted exhibits that includes worldwide artists together with Anne Rothenstein, Sarah Ball, Denzil Forrester and Andreas Eriksson. The artist and Indigenous activist Santiago Yahuarcani at the moment has her first New York present within the venue (till 17 January).
The closure of Stephen Friedman’s New York location marks the most recent casualty in a difficult artwork market. Final week it was introduced that Sperone Westwater is closing after 50 years—experiences cite a bitter lawsuit between the co-founders, however market dynamics have led to the closure of dozens of long-standing galleries within the US alone together with Blum, Venus over Manhattan and Clearing.
The turbulent local weather was famous in Friedman’s newest filings on Firms Home, which had been submitted late, incomes the gallery a primary Gazette discover for obligatory strike-off in March—a public warning that an organization is liable to being dissolved. That motion was discontinued simply days later. The accounts present that the London gallery misplaced £1.7m in 2023 attributable to “the development of two new galleries, together with incurring hire on the brand new areas earlier than the transfer and concurrently holding the outdated house whereas they had been being refurbished”.
The accounts proceed: “This was compounded by a powerful downturn within the trade’s financial market, because it seems to be realigning submit covid and attributable to issues with international politics and markets.” At that time, money circulate projections for 2025 had been “constructive”. However, the filings reveal, attributable to “the slower than regular sell-through of a serious exhibition on the finish of 2024 and a sluggish begin to 2025, money circulate is at the moment tight”. The gallery was already then “implementing some instant value chopping throughout the board and discussing refinancing choices with our financial institution”.
As for the instant future, Friedman is because of share a sales space with Goodman Gallery at Artwork Basel Miami Seashore subsequent month the place they may collectively current works by the British-Nigerian artist Yinka Shonibare. Friedman additionally plans to exhibit on the inaugural Artwork Basel Qatar in February.
