The Canadian-born, London-based seller 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 keeping with 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 lately been employed. In an announcement, Friedman says the transfer will permit the gallery “to focus our assets on the areas the place we’ve 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 energetic participation in main festivals 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 present 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—reviews 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 Corporations 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 susceptible to being dissolved. That motion was discontinued simply days later. The accounts present that the London gallery misplaced £1.7m in 2023 because of “the development of two new galleries, together with incurring hire on the brand new areas earlier than the transfer and concurrently holding the previous house whereas they had been being refurbished”.
The accounts proceed: “This was compounded by a powerful downturn within the business’s financial market, because it seems to be realigning put up covid and because of considerations with international politics and markets.” At that time, money stream projections for 2025 had been “constructive”. However, the filings reveal, because of “the slower than normal sell-through of a serious exhibition on the finish of 2024 and a gradual begin to 2025, money stream is at present tight”. The gallery was already then “implementing some quick value slicing throughout the board and discussing refinancing choices with our financial institution”.
As for the quick 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.
