Stephen Friedman Gallery's £7.8m debt leaves artists unpaid

The Stephen Friedman Gallery is facing £7.8 million in debts to creditors, with unsecured creditors such as Black artists Alexandre Diop (£341,905), Deborah Roberts (£289,232), and Kehinde Wiley (£163,849) anticipated to recover only 8-9 pence for each pound owed. The largest secured creditor, Coutts & Company, is owed £3.1 million and is expected to reclaim 65%. Pentland Group, which is owed £1.4 million, has a director, Alison Mosheim, who holds a 50% stake in the gallery. Stephen Friedman, the gallery's sole director and 100% owner, was unavailable for comment. The gallery employed 27 staff in the UK and 5 in the US, with £39,000 in unpaid wages expected to be fully paid. Other liabilities include £505,113 to the Pollen Estate and £550,000 to HMRC. The gallery had plans to take part in Art Basel Qatar in February 2026 when the administration was declared. FRP Advisory attributed the downturn to economic fluctuations and geopolitical issues, noting a drop in turnover from £28.2 million in 2022 to a reported loss of £1.9 million for the year ending 31 December 2023.