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, but offered no specifics. The London branch was put into liquidation, with Companies House filings indicating a £6.3 million deficit, though Rech said she owes no money to artists, workers, or suppliers and described the filing as a technical step to restructure a lease. Her gallery will continue operating its other eight locations across Paris, New York, Brussels, Shanghai, Monaco, and Gstaad.
The closure signals ongoing challenges in the London art market, particularly for international galleries facing tax changes and post-Brexit uncertainty. Rech had previously told ARTnews that new UK tax rules caused her to lose some London collectors, noting that when money leaves a place it is not good. While some dealers maintain the British art market remains strong, the move echoes Gagosian's closure of another London gallery in 2023 after 19 years. The development highlights how shifting fiscal policies and geopolitical factors are reshaping the geography of the global art trade, with Paris and other European hubs gaining ground.