Templon Gallery has closed its New York branch in Chelsea, becoming the latest international dealer to downsize its presence in the city amid a prolonged art market downturn. The Paris-based gallery, founded in 1966 by Daniel Templon, opened its 6,500-square-foot space in 2022 but decided to leave after the landlord demanded a substantial rent hike as the lease neared renewal. Mathieu Templon, who oversaw the New York operation, said the gallery was paying $55,000 a month and that the increase was unsustainable. The closure follows similar moves by London-based galleries Stephen Friedman and Timothy Taylor, which also shuttered New York locations after expanding during the post-pandemic boom.
The closure underscores the ongoing pressure on the gallery sector, as a post-pandemic surge in art buying gives way to a market correction that has forced both mega-galleries and smaller dealers to reassess their footprints. While Templon is not abandoning New York—it plans to find a smaller space in Tribeca or the Upper East Side and maintain a private showroom—the retreat signals that even well-established international galleries are struggling to justify the high costs of prime Chelsea real estate. The trend reflects a broader recalibration of the art market, where expansion decisions made during a boom are being reversed as economic realities set in.