Perrotin exits secondary market galleries in Paris and Dubai to focus on LA and Venice

Emmanuel Perrotin has sold his stakes in two secondary market galleries in Paris and Dubai, ending his partnership with Tom-David Bastok and Dylan Lessel. The spaces, originally launched in 2021 and 2022 under the names Perrotin Second Marché and Perrotin Dubai, will now operate as Bastok Lessel. Perrotin's decision follows a major investment by Colony Investment Management, which acquired a 60% stake in the primary Perrotin gallery in June 2023. Despite the divestment, Perrotin stated the gallery will continue secondary market activities, with future plans focused on the opening of Perrotin Los Angeles at the end of February 2024 and participation in the Venice Biennale. The Paris gallery was located on Avenue Matignon, near Christie's and Sotheby's, and offered advisory and valuation services. The Dubai space was in the Dubai International Financial Centre, a tax-free zone. The reasons for Perrotin's exit remain undisclosed.