Resilient Art Galleries in New York Amidst Market Slowdown
Despite the dipping real estate market, art galleries in New York are confidently continuing with their bold investments. As the art market season has gained a little momentum with The Armory Show, commercial galleries are leveraging this opportunity to amplify their presence across the city. Hollis Taggart, a prominent name in the realm of art since founding his gallery in 1979, continues to stay bullish on the prospects of New York real estate.
Hollis Taggart is planning to expand his gallery’s Chelsea space. It further exemplifies his confidence in the city’s real estate market. The expansion, likely to coincide with The Armory Show, intends to nearly double the exhibition space on the first floor of the current gallery. Pointing at the significance of the timing, Hollis Taggart stated, “After Labor Day, things start up again; it’s sort of the official kickoff of the fall season.” With this strategic expansion, the gallery will have an additional 698 sq. ft of floor space to the existing 887 sq. ft.
New Art Venues and Expansions in Key NYC Neighborhoods
The inaugural exhibition of this expanded gallery space is an extension of the gallery’s Armory stand. It will feature works from American Abstract Expressionist artists like Dusti Bongé, Ralph Iwamoto, and Michael (Corinne Michelle) West. The galley aims to captivate art lovers and audiences during this pivotal moment, emphasizing women Abstract Expressionist painters.
White Cube, renowned as a global player in the art world, is likely to make its mark on the Upper East Side in October. A former bank at 1002 Madison Avenue was chosen to inaugurate this expanded gallery in New York. The gallery will showcase masterpieces by artists such as Julie Mehretu and Theaster Gates. The November exhibition of Tracey Emin will mark her return to the New York solo scene after a hiatus of seven years. This well-thought-out step by White Cube fortifies the position of New York as a global art hub.
Goodman Gallery, a leading commercial gallery from South Africa, is set to expand to the U.S. with its first permanent location in New York on September 6th. However, the Upper East Side location of Goodman Gallery will initially operate as an office and viewing room for “focused presentations” of the gallery’s artist roster. It shows a unique approach to utilizing gallery spaces.
While some galleries are setting their foot in this trendy neighborhood of Tribeca, Hollis Taggart has been resolute in his investment in Chelsea. He reveals that megadealers like Gagosian, David Zwirner, and Pace own property nearby, which indicates a long-term commitment to the area. He remarked, “It is a vote of confidence for the Chelsea gallery district.” He added, “I’m confident Chelsea is here to stay.”
Ortuzar Projects was planning to open a 10,000 sq. ft space in Tribeca this autumn but now has deferred its opening until 2024. Almine Rech, a renowned art dealer, is gearing up to open a second location in Tribeca with a Vaughn Spann exhibition in early October. Other noteworthy additions to the Tribeca neighborhood include Lio Malca, Timothy Taylor, Stephen Friedman, Marian Goodman, and Alexander Gray Associates, further enhancing the location’s appeal among the art community.
Amidst a market slowdown, New York’s art galleries have remained resilient in investing and expanding. Their bold move hints at the city’s enduring status as a global art capital. As the art market rises to prominence with The Armory Show, these thoughtful investments show continued confidence in the city’s cultural and economic vitality.
