Kenny Schachter's column reports on the fallout at Michael Werner Gallery following the departure of star artist Peter Doig. Co-owner Gordon VeneKlasen is accused of expensing luxury items—including private jets, Hamptons helicopter rides, and even a solo helicopter trip for his Labrador Retriever—while the gallery faced financial strain. The partnership is dissolving, with VeneKlasen moving to Los Angeles to open his own gallery and listing his West Village home for $20 million. Meanwhile, Schachter also notes Pace Gallery's financial troubles, with founder Arne Glimcher stepping in to stabilize operations.
This matters because it exposes the fragile economics behind even blue-chip galleries when market conditions tighten. The alleged misuse of gallery funds by a high-profile partner underscores governance issues in the art trade, while the broader context of record auction totals masking underlying economic anxiety highlights the disconnect between the ultra-wealthy and the rest of the art world. Schachter's column serves as a cautionary tale about the perils of unchecked spending and the precariousness of gallery business models.