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.
This expansion signals confidence in the gallery's long-term stability, even as the broader art market contracts for a second consecutive year, according to the UBS Art Basel report. Coles's ability to invest in new space while peers like Thaddaeus Ropac face similar mixed results highlights how established galleries with strong asset bases and diversified programs can weather short-term turbulence. The move underscores a trend of major galleries expanding despite market headwinds, betting on blue-chip artists and strategic growth.