Almine Rech is closing her London gallery in Mayfair after more than a decade, as reported by Melanie Gerlis in the Art Newspaper. The space, which opened in 2014 on Savile Row before moving to Grosvenor Hill, hosted exhibitions by artists including Javier Calleja, Chloe Wise, Jeff Koons, and Esther Mahlangu. Rech stated that London remains "important" to her and that she plans to open something in the city in the future, though no specifics were given. The London branch was put into liquidation, with Companies House filings indicating a £6.3 million deficit, though Rech denied owing money to artists, workers, or suppliers, calling the filing a technical step to restructure a lease. Her gallery will continue operating its remaining eight locations across Paris, New York, Brussels, Shanghai, Monaco, and Gstaad.
This closure matters because it signals ongoing challenges in the London art market, particularly for international galleries. Rech had previously told ARTnews that new UK tax rules caused her to lose some London collectors, and the impact of Brexit on the decision remains unclear. The move follows Gagosian's closure of another London gallery in 2023, highlighting a trend of contraction among major dealers in the city. At the same time, the French art market is growing in prominence, suggesting a shift in the European art landscape. The liquidation and deficit also raise questions about the financial pressures facing even well-established galleries in a post-Brexit, post-pandemic environment.