Today came the announcement of London’s first major gallery closure. Yvon Lambert, a major dealer with galleries in Paris and New York announced today that he will shut down the gallery’s London space, which opened during the Frieze Art Fair this past October, at the end of this month, reports Bloomberg. “In this period of tightening of the market what you want is to consolidate what is crucial for you,” said Olivier Belot, general director at Yvon Lambert. “Paris and New York are the two crucial centres for the gallery.”
“The timing was very bad,” Belot said, saying that, although friend and Landlord of the Hoxton Square site, Alex Dellal, had given Lambert a good deal on rent, putting on high quality exhibitions was “extremely expensive.” (Via Art Review)
