Follow the Money

Last week the Art Newspaper ran a good story on galleries moving to the vacation spots of the wealthy. Given the current economic climate and lower real estate values for property and leases, it has become easier for well known galleries to open satellite branches where the wealthy vacation. One quote I find interesting and disturbing is by Mr. Goldberg of Bernard Goldberg Fine art as he reports his main NY gallery sees very little foot traffic, "with sometimes one visitor a week."

The Art Newspaper states Rent for the new gallery Bernard Goldberg Fine Arts is in the $100-$125 per square foot range. “A year ago, the rents were $200 a square foot,” says Mr Goldberg, whose premises are just steps away from Hermès and other luxury boutiques.His new quarters have already scored considerable interest, with a Noguchi 1926 plaster portrait bust, an Archipenko 1948 terracotta sculpture and a Charles Burchfield work on paper on hold, with one reserved by a southern museum and prices from $85,000 to $450,000. "So far clients are wealthy collectors from New York, Palm Beach, California and elsewhere," says Mr Goldberg. "The reaction is always the same. We didn't think we would find this quality in the Hamptons. On the other hand, our New York gallery is totally quiet, with sometimes one visitor a week, whereas here I have 20 to 30 clients a day.

To read the full Art Newspaper article, click HERE.