The Canadian-born, London-based dealer Stephen Friedman is to close his New York gallery at the end of February 2026, less than three years after he opened the space in Tribeca.
According to a statement from the gallery, the decision to “conclude its New York programme” marks a “strategic evolution for the gallery as it consolidates its operations in London”—where several new directors have recently been hired. In the statement, Friedman says the move will allow 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”. He will remain engaged with the US art scene, he says, “through our active participation in major fairs and our longstanding relationships with artists, museums, and collectors across the country”. The gallery’s roster of artists and estates will “remain unchanged”.
The New York space opened in October 2023 after undergoing an extensive and costly renovation. Its inaugural exhibition was of the American artist Deborah Roberts, and it has since hosted shows featuring international artists including Anne Rothenstein, Sarah Ball, Denzil Forrester and Andreas Eriksson. The artist and indigenous activist Santiago Yahuarcani currently has her first New York show in the venue (until 17 January).
The closure of Stephen Friedman’s New York location marks the latest casualty in a challenging art market. Last week it was announced that Sperone Westwater is closing after 50 years—reports cite a bitter lawsuit between the co-founders, but market dynamics have led to the closure of dozens of long-standing galleries in the US alone including Blum, Venus over Manhattan and Clearing.
The turbulent climate was noted in Friedman’s latest filings on Companies House, which were submitted late, earning the gallery a first Gazette notice for compulsory strike-off in March—a public warning that a company is at risk of being dissolved. That action was discontinued just days later. The accounts show that the London gallery lost £1.7m in 2023 due to “the construction of two new galleries, including incurring rent on the new spaces before the move and simultaneously holding the old space while they were being refurbished”.
The accounts continue: “This was 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.” At that point, cash flow projections for 2025 were “positive”. But, the filings reveal, 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”. The gallery was already then “implementing some immediate cost cutting across the board and discussing refinancing options with our bank”.
As for the immediate future, Friedman is due to share a booth with Goodman Gallery at Art Basel Miami Beach next month where they will jointly present works by the British-Nigerian artist Yinka Shonibare. Friedman also plans to exhibit at the inaugural Art Basel Qatar in February.