Mnuchin Gallery, a blue-chip art gallery on Manhattan's Upper East Side, will close at the end of February after 34 years, following the death of its founder Robert Mnuchin in December at age 91. The gallery, known for museum-quality exhibitions of Modern and postwar art, concluded its final show—a survey of Julian Schnabel's plate paintings—on Saturday. Partner Michael McGinnis said the decision to close was made to end on a high note, honoring Mnuchin's passion and vision.
The closure of Mnuchin Gallery reflects a precarious trend in the art market, with both young and established galleries shutting down in increasing numbers over the past two years, including Sperone Westwater after five decades. Robert Mnuchin, a former Goldman Sachs investment banker turned dealer, built a powerhouse that shaped major collections, including Mitchell Rales's Glenstone museum, and expanded its focus to female artists and artists of color in recent years. The shuttering marks the end of an era for the Upper East Side gallery scene and signals ongoing challenges for the gallery business.