The Gallery Business in Chicago

The Chicago Tribune has a good article on galleries in the Second City. Mark Caro and Lauren Viera report that gallery sales are not necessarily strong, and some galleries art struggling there are actually very few that have decided to close doors. The article mentions a NY Times piece in June which chronicled the closing of many New York City Galleries and compares to the Chicago gallery market, which appears to have faired better. Although, not without gallery casualties, the article claims Chicago art galleries are finding ways to survive and stay viable.

Caro and Viera report Compared with New York, where The New York Times reported in June that more than 20 galleries had closed, Chicago’s leading art districts have remained relatively stable. River North, the most established gallery area, has seen some businesses move or otherwise constrict their operations, but the bulk are still standing. The West Loop has suffered a few closings, while empty storefronts dot Pilsen’s developer-designed art district. [...]

For Carrie Secrist, who relocated her 17-year-old eponymous gallery from River North to the West Loop in 2003, business was humming until a few months into 2008, when buyers began delaying decisions to buy art — a dynamic noticed by several gallery owners. By the beginning of this year, Secrist said, “it seemed like everyone was just frightened to spend money. It seemed entirely psychological. [Colleagues and I] were looking at each other, thinking, ‘Will anyone ever buy art again?’ “ The free fall of what had been a thriving — and some say overvalued — art market has changed the way many galleries do business. David Leonardis took drastic actions. He closed his River North outpost in May[...]

To read the full Chicago Tribune article, click HERE.