By Carla Frade
Home to more than 760 galleries with at least one paid employee, as well as the top-tier and highest-end galleries in the US, the New York gallery scene is estimated to account for up to 90% of global sales’ value.[1] Despite the superlative numbers, the City has seen a wave of gallery closures from 2023 that has alarmed market observers.[2]
Denny Gallery[3] (10 years in business), JTT[4] (11), David Lewis Gallery (11), Simone Subal Gallery[5] (13), Jack Hanley[6] (37), Malin Gallery[7] (8), Foxy Production[8] (20), Queer Thoughts[9] (11), Marlborough[10] (78), Cheim & Read, Alexander & Bonin Gallery (28), Fortnight Institute (8), Helena Anrather Gallery[11] (7), Deli Gallery[12] (8) and Nancy Margolis (50) are some of the names that make up that trend. As seen from the parentheticals, many had been in operation for over a decade, and had the distinction of showcasing works of some of the current darlings of the collecting world.
Another group of galleries has opted to transition into alternative business models: gallery Mitchell-Innes & Nash (est. 1996) has become a “project-based advisory space”[13], while Chelsea veterans Betty Cunningham Gallery (est. 2004) and Washburn Gallery (est. 1971) announced they were moving their operations exclusively online;[14] in early 2025, Latin American art galleries Proxyco and Instituto de Visión announced a collaborative model while keeping their businesses separate[15]. Museums and cultural institutions are also undergoing similar transformations.
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