In a significant development within the global art market, the renowned Almine Rech dealership has opted to cease operations at its London gallery. This decision, following a decade of presence in the city, reflects broader shifts and challenges currently impacting the international art scene.
Almine Rech Discontinues London Operations, Citing Strategic Repositioning Amidst Market Volatility
The esteemed art gallery, Almine Rech, founded by the French gallerist of the same name, recently announced the closure of its Mayfair location in London. This strategic move, which involved the UK branch entering voluntary liquidation in August, was revealed shortly after the conclusion of its final solo exhibition featuring artist Gregor Hildebrandt. The gallery clarified that this action serves as a \"technical step to restructure a lease that no longer aligned with [its] plans,\" rather than a complete withdrawal from the UK art landscape.
Reports to Companies House indicate a deficit of £6.3 million GBP for the gallery, yet Almine Rech affirmed that all financial obligations to artists, employees, and suppliers have been met. This closure is not an isolated incident but rather a symptom of a larger trend, as the global art market experiences a wave of consolidations and shutdowns. Factors such as post-Brexit uncertainties and the lingering effects of the pandemic are believed to have contributed to the challenging environment for many galleries in London.
Despite the cessation of its physical presence in London, Rech reiterated the city's enduring importance to the gallery's overall strategy. This suggests a re-evaluation and repositioning of its approach to the British market, rather than a definitive exit. Almine Rech will continue to operate its eight other international venues, which include two sites in Paris, along with locations in Brussels, Shanghai, Gstaad, and New York. The New York gallery is currently showcasing a highly successful painting exhibition by Chloe Wise.
The closure of Almine Rech's London gallery underscores the dynamic and often unpredictable nature of the contemporary art market. While challenging, this move could signify a strategic adaptation to a changing landscape, allowing the gallery to consolidate its resources and focus on other key international centers. It highlights the need for adaptability and innovative strategies in navigating the complexities of the global art world, even for established institutions.