Major Galleries Report Steep Profit Declines and Closures Amid Art Market Downturn
So, I read in the Financial Times that Hauser & Wirth's profits in the UK dropped by almost 90% last year. Their revenue fell sharply from $193.2 million in 2023 to just $91.7 million in 2024. David Zwirner also saw pre-tax profits in the UK drop nearly 90%, indicating a serious decline in this key global market. Both galleries pointed to a significant decrease in secondary-market sales as the main reason for this slump. During the summer of 2025, several galleries, like Blum and Clearing, closed down. Almine Rech also shut its Mayfair location in early October after 11 years and is undergoing voluntary liquidation, citing a lease restructure in a struggling art market.
Key facts
- Hauser & Wirth's UK profits plunged nearly 90% last year.
- Hauser & Wirth's revenues dropped from USD 193.2 million in 2023 to USD 91.7 million in 2024.
- David Zwirner's UK pre-tax profits fell by almost 90%.
- The Financial Times reported on these declines in October.
- Both galleries attributed the decline to a steep fall in secondary-market sales.
- The summer of 2025 saw gallery closures including Blum and Clearing.
- Almine Rech shuttered its London Mayfair location in early October after 11 years.
- Almine Rech put its UK business into voluntary liquidation.
Entities
Institutions
- Hauser & Wirth
- David Zwirner
- Blum
- Clearing
- Almine Rech
- Financial Times
Locations
- London
- United Kingdom
- Mayfair