The Tamesis
Rumors have been circulating about the Stephen Friedman Gallery in London, especially after art news It was reported on Tuesday that the gallery had pulled out at the last minute a coveted spot at the inaugural Art Basel Qatar, which opens in Doha on Tuesday.
Now, art news It can be confirmed that the gallery has gone into administration (the UK equivalent of bankruptcy) and is closed to the public. The gallery was established in Mayfair, London in 1995.
“Stephen Friedman Gallery commenced administration proceedings on February 2, 2026 to conduct an orderly review of its financial position,” the gallery told art news in an emailed statement Wednesday. “FRP Advisory has been appointed as Administrator. All matters are now for the consideration of the Administrator. The gallery is now closed to the public and will not be exhibiting at Art Basel Qatar this week.”
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The gallery employs about 40 people in London and New York, all of whom will be laid off on Friday, according to an anonymous source with knowledge of the gallery’s operations. Artists are advised to retrieve all works from the gallery before then, sources said. The gallery did not immediately respond to a request for confirmation.
“Public records show the gallery lost around £1.7m in 2023 and its auditors warned the business relied on external financing to cover day-to-day costs, raising questions about how easily it can meet short-term obligations or even stay afloat.” art newsDaniel Cassady reports Tuesday.
Signs of trouble emerged last November when the gallery closed its New York branch after just two years, a move intended to send a message: art news as a “strategic evolution” that enables it to “focus on [its] International event resources from a “strong London base.” The gallery boasts of hiring a new director in London and has pledged to appear at upcoming fairs, including not only Qatar but also Frieze London and Art Basel Miami.
Artists listed on the gallery’s website include Stephan Balkenhol, Melvin Edwards, Denzil Forrester, Tom Friedman, Thomas Hirschhorn, Rivane Neuenschwander, Deborah Roberts, Yinka Shonibare, Jaune Quick-to-See Smith and Kehinde Wiley. At present, it has also stated that it will participate in the Frieze Los Angeles art fair held this month in the future.
Last year alone, it exhibited at Art Basel Miami Beach with Goodman Gallery, Frieze London with Sarah Ball, Frieze Masters with Anne Rosenstein, Frieze Sculpture with Quick-to-See Smith, and had group shows at Art Basel in Switzerland and Art Basel in Hong Kong.
