International dealer Almine Rech is reopening in London with a downsized first-floor space in Mayfair, near Sotheby's on George Street, after closing her former London gallery in August and putting the UK business into voluntary liquidation. The new venue, roughly a quarter of the size of the previous one, will operate by appointment starting next month, showcasing curated presentations of 20th- and 21st-century works. A new company, Almine Rech Advisory, was registered on 30 September, with Rech as the controlling person and Maximilian Lefort as director. The liquidation was described as a technical step to restructure a lease that no longer aligned with the gallery's plans; Companies House filings showed a deficit of £6.3m, mostly from intercompany and shareholder loans, with no unpaid obligations to artists, employees, or suppliers.
This matters because it reflects a significant shift in strategy for a major international gallery, moving from a large public-facing space to a smaller, appointment-only model in a prime Mayfair location. The downsizing and restructuring highlight ongoing challenges in the London art market, where high rents and changing business models are forcing dealers to adapt. Rech's move also signals a broader trend among galleries toward more private, curated operations, potentially reshaping how contemporary art is presented and sold in the UK capital.