"Stephen Friedman was overdue filing when he went into liquidation on 2 February, closing his London gallery immediately (his New York venue shuttered around the same date). At the time of writing, invoices remain unpaid and artists unable to retrieve works from storage companies. In a statement, Friedman says 'all matters are now subject to the administrator's consideration'."
"Indicating how a single deal can make or break a business, the statement noted that the late filing was due to 'a significant sale' made in mid-December that 'had technical implications on the 2024 accounts'. It added: 'Given the Christmas break, it was agreed with our auditors that the necessary adjustments would be made and finalised in January.' That filing never came."
"Friedman's decision to close came after two expensive refurbishment projects; he moved to a bigger gallery on Cork Street, Mayfair in October 2023 and opened in New York's Tribeca neighbourhood shortly thereafter. The firm's 2023 accounts reveal that Friedman lost £1.7m that year due to renovation costs."
Stephen Friedman gallery closed in February 2024 after going into liquidation, leaving unpaid invoices and artworks stranded in storage. The gallery had recently undergone expensive expansions, relocating to larger premises on Cork Street in October 2023 and opening a New York location in Tribeca shortly after. The 2023 accounts showed a £1.7m loss due to renovation costs. Despite hopes in late January that the business could be salvaged, the gallery failed to file its overdue 2024 accounts by the promised deadline. A significant sale in mid-December created accounting complications that ultimately could not be resolved. The closure illustrates how vulnerable art galleries are to cost pressures and market conditions, with UK Companies House filings revealing broader financial strain across the art trade in 2024.
Read at The Art Newspaper - International art news and events
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