The worldwide gallery Almine Rech has closed its area in London’s Mayfair and put its UK enterprise into voluntary liquidation. Filings to Corporations Home affirm that the London department, just lately re-registered as LG Realizations 2025, went into liquidation in August, a call {that a} gallery assertion says “was a technical step to restructure a lease that now not aligned with our plans”.
The Corporations Home submitting places the London gallery’s deficit at £6.3m although nearly all of this (£6m) pertains to intercompany and shareholder loans. Almine Rech’s eponymous founder tells The Artwork Newspaper she doesn’t know if the excellent quantity contains cash owed to the unnamed landlord. In any other case, the assertion underlines, “the gallery has no unpaid obligations to artists, workers, or suppliers”.
Rech, who runs galleries in New York, Paris, Brussels, Shanghai, Monaco and Gstaad, opened in London in 2014, transferring to the Broadbent Home area in 2016 to nice fanfare with a solo present of Jeff Koons.
Since then, London’s galleries and public sale homes have suffered from the results of Brexit and the Covid-19 pandemic, and Rech’s closure this summer season coincides with a nervous time within the artwork market. London nonetheless stays “so essential” she says, including that “we are going to open one thing [there] quickly,” although she doesn’t give additional particulars. When requested if any redundancies have been made, Rech answered “really, we’re hiring folks” in London.
Rech acknowledges that “the world is in an odd place” however says “we proceed positively and our shoppers are supportive”. She reviews a profitable Frieze Seoul in early September and says that the gallery’s present exhibition of hyper-real work by the Canada-born Chloe Clever, which opened in Tribeca mid-month, “is already offered out”.
