Art Market Overview: Small American Galleries in Trouble

On 07 November 2020, by Agathe Albi-Gervy

The Art Newspaper magazine looked at how small American art galleries are surviving the Covid-driven crisis, given the freezing of the second federal aid plan until after the presidential election.


 

The study, launched in mid-October with forty galleries, reveals that about 75% of them are facing serious financial difficulties or even closure next year. Only 35% said they felt confident for 2021; 22.5% thought they could hold out for six months, and 7.5% said they were in a critical situation. The burden of rent is problematic: for 42% of galleries, it represents between 25% and 50% of their monthly outlay, while for 27.5% it is over 50%. Switching to 100% digital activities could be a solution: 43.5% of the brands are considering going entirely online if they are forced to close their physical spaces.

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