Stephen Friedman, the Canadian-born, London-based art dealer, announced that his New York gallery will close at the end of February 2026, marking the end of an ambitious but short-lived expansion into the American art market. The Tribeca location, which opened in October 2023, will shut down less than three years after its debut.
According to a gallery spokesperson, the decision to end the New York program represents a strategic shift as the gallery consolidates its operations in London, where several new directors have recently joined the team. Friedman explained in a statement that the move will enable the gallery to "focus our resources on the areas where we have the greatest impact and flexibility, working internationally, cultivating deeper relationships with a strong London base."
Despite closing the physical New York space, Friedman emphasized that he will maintain connections with the American art scene "through our active participation in major fairs and our longstanding relationships with artists, museums and collectors across the country." The gallery confirmed that its roster of artists and estates will remain unchanged following the closure.
The New York location had undergone an extensive and costly renovation before its October 2023 opening. The inaugural exhibition featured American artist Deborah Roberts, and the space subsequently hosted shows with international artists including Anne Rothenstein, Sarah Ball, Denzil Forrester, and Andreas Eriksson. Currently, artist and Indigenous activist Santiago Yahuarcani is presenting his first New York exhibition at the venue, which runs until January 17.
The closure adds to a growing list of gallery casualties in an increasingly challenging art market. Just last week, Sperone Westwater announced its closure after 50 years of operation. While reports cite a bitter lawsuit between co-founders as a factor, broader market dynamics have forced dozens of established galleries across the United States to close their doors, including notable names like Blum, Venus over Manhattan, and Clearing.
Financial documents filed with Companies House reveal the extent of Friedman's struggles. The filings, which were submitted late and initially triggered a public warning about potential dissolution in March, show that the London gallery lost £1.7 million in 2023. These losses stemmed from the construction costs of two new galleries, including paying rent on new spaces before moving while simultaneously maintaining the old space during refurbishment.
The financial strain was further exacerbated by broader industry challenges. The company's filings noted that losses were "compounded by a strong downturn in the industry's economic market, as it appears to be realigning post covid and due to concerns with global politics and markets." While cash flow projections for 2025 had initially appeared positive, recent developments have created additional pressure.
More recent setbacks have tightened the gallery's financial position considerably. According to the filings, "due to the slower than usual sell-through of a major exhibition at the end of 2024 and a slow start to 2025, cash flow is currently tight." In response, the gallery has been "implementing some immediate cost cutting across the board and discussing refinancing options with our bank."
Looking ahead, Friedman plans to maintain an international presence through art fair participation. Next month, the gallery will share a booth with Goodman Gallery at Art Basel Miami Beach, where they will jointly present works by British-Nigerian artist Yinka Shonibare. Friedman also intends to participate in the inaugural Art Basel Qatar in February, demonstrating his commitment to international engagement despite the New York closure.
