The Tamesis
London gallery Stephen Friedman owes about $10.6 million, according to official documents. Its creditors include a real estate owner, a bank, an art logistics company and several well-known artists. Earlier reports said the company’s administrators indicated the debts in an official filing with the Registrar of Companies. The Art Newspaper.
“A proposal to deal with the financial impact of the closure of London and New York galleries in February was submitted by insolvency practitioner FRP Advisory on March 30 and approved on April 22,” the newspaper noted.
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The gallery’s largest debts are to Coutts & Co., which owes £3.2 million ($4.3 million), and London-based multinational investor Pentland Group Ltd., which owes £1.4 million ($1.9 million). The latter owns sports brand Speedo and is a majority shareholder in retailer JD Sports. According to the filing, Pentland director Alison Mosheim owns 50% of the gallery.
The gallery paid approximately £550,000 ($750,813) in fees to UK tax, payments and customs authorities. It owes £505,114 ($689,531) to the Pollen Estate, which rents the gallery’s Cork Street showroom. Friedman is linked to art logistics company Crozier for about £256,740 ($350,400).
These outstanding artists are all owed considerable amounts: Alexandre Diop is owed £341,905 ($466,663), Deborah Roberts is owed £289,232 ($394,718), and Kehinde Wiley is owed £163,849 ($223,456).
The other major creditor is New York law firm Clarick Gueron Reisbaum, who is owed £165,004 ($225,031). Friedman also owes small sums to art fairs such as Frieze and Art Basel.
There were already signs of trouble when Friedman closed his New York gallery in November after just two years. The trader then abruptly closed his London space and entered administration in February, just days after art news The gallery has reportedly pulled out of its coveted spot at the inaugural Art Basel Qatar at the last minute.
The gallery, which employs 27 people in the UK and five in the US, has accumulated debts of approximately £39,000 (approximately $53,000) and will pay them in full, the gallery reported. The Art Newspaper.
