in london sadie coles expands amid stark drop in profits 1234739645

Sadie Coles, a prominent London contemporary art gallery, announced plans to open a new 6,000-square-foot location in Mayfair this fall, despite reporting a steep 46 percent drop in revenue for 2024, from £52.3 million to £28.3 million. Pre-tax profits plunged 93 percent to £400,000, down from £5.5 million the prior year. Coles attributed the downturn to a slowdown at the high end of the art market, but noted the gallery carries no debt and has seen a 20 percent increase in total assets over five years, growing from £23.9 million to £28.8 million.