Gallery Closures Surge as Art Fairs Expand: An Analysis of the Art Market Crisis

From 2025 to mid-2026, the art sector experienced a significant number of gallery closures attributed to escalating expenses, a dwindling number of collectors, and the increasing prevalence of art fairs. Among the prominent closures were Dépendance in Brussels (set to close in August 2026), Air de Paris (which shut down in May 2025), Stephen Friedman Gallery (filed for bankruptcy), and Templon's New York location (closed due to a $55,000 rent). Additionally, galleries like Blum, Venus Over Manhattan, and Tanya Bonakdar reduced their operations. Meanwhile, art fairs expanded, with Art Basel making its debut in Doha in February 2026 and Frieze Abu Dhabi launching in November 2026. According to the Art Basel & UBS Art Market Report 2025, fairs represented 27% of gallery expenses in 2024 and 35% of dealer sales in 2025.