NY Galleries Looking to Cut Costs

Katya Kazakina of Bloomberg reports that many New York City galleries are maintaining pricing but are negotiating more and looking for ways to cut expenses. In recent AW posts I have mentioned that prices at some shows do not appear to be down, but the willingness of the dealers to negotiate is way up. It appears to be the same with the contemporary art galleries in NYC, with cost cutting, discounts and even payment options, along with fewer fairs and less lavish openings. Lay-a-way comes to the NY galleries.

Kazakina states The long-buoyant U.S. contemporary-art market, much of which is represented in Manhattan’s Chelsea district, is bracing for a tough period. After the buying frenzy of the past five years, during which prices for many living artists more than quadrupled, demand has dropped amid the worst financial crisis since the Great Depression. Galleries are starting to rethink budgets for everything from travel to postage, fairs and art production. So far galleries aren’t cutting the prices of artworks, despite the sharp drop in the prices of contemporary art at auction houses this month. Yet more dealers are offering discounts and payment plans to buyers.

The article is an interesting read, and gives insight into the operations of some of the NYC galleries. Click HERE to read.