Stephen Friedman's Exit From Tribeca Appears to Be Another Case of 'Art Market Dysphoria'

"There were rumors of Friedman's decision to leave New York floating around for weeks, but it wasn't certain until New York critic Jerry Saltz broke the news on Instagram. Not long after, the gallery emailed ARTnews an advance press release, framing the move a "strategic evolution" that allows it to "focus [its] resources" on international activity from a "strong London base." Friedman cast the retrenchment in almost pastoral terms: a return to home soil, an opportunity to tend to the roots."

"Earlier this month, in a piece titled "Welcome to the era of Art Market Dysmorphia," journalist Tim Schneider reported in his Substack newsletter The Gray Market that at least 18 dealers have shut down locations or entire operations since January 1. That figure includes outfits across the spectrum, from long-standing mid-tier players to once-ascendant younger galleries. But Schneider also notes that-contrary to the easy doomsday narrative-the same number of galleries have opened new locations or expanded existing ones this year."

Stephen Friedman Gallery will close its New York space at the end of February 2026, ending a two-year experiment. The gallery framed the move as a strategic evolution to focus resources on international activity from a strong London base and cited new directors, deeper global relationships, and continued participation at major art fairs. The departure followed weeks of rumors and public confirmation on Instagram. Observers describe the closure as either prudent consolidation or evidence of strain in the mid-to-upper gallery sector. Industry reporting noted at least 18 dealers shut locations or operations since January 1, while an equal number opened or expanded, reflecting contradictory market dynamics.

Read at ARTnews.com