Two prominent art galleries in New York City—Kasmin Gallery and Clearing Gallery—have announced their closures within days of each other this month, highlighting the growing challenges faced by mid-sized galleries in a turbulent art market.
Kasmin Gallery, a respected Manhattan institution operating for 35 years, closed its doors on August 6. Founded in 1989 by British art dealer Paul Kasmin, the gallery has represented over 100 artists, including Joel Shapiro, Diana Al-Hadid, and estates such as Jackson Pollock and William N. Copley. The closure, decided in collaboration with the estate of Kasmin, follows planning and discussions that began prior to Kasmin’s death in 2020. In response, gallery president Nicholas Olney and head of sales Eric Gleason announced plans to launch a new venture, Olney Gleason Gallery, later this year, which will carry forward several artists from the Kasmin roster.
Just a day after Kasmin’s announcement, Clearing Gallery founder Olivier Babin publicly declared the immediate closure of his gallery via social media. The gallery, which operated spaces in New York and Los Angeles for 14 years, cited insurmountable overhead costs, including increasing rent, shipping expenses, and art fair fees. Babin described the current art market as “crushed by overheads,” with slowing revenues making the business unsustainable. Moving the gallery from Bushwick to a pricier Bowery location in 2023 further intensified financial pressures.
These developments are emblematic of a wider trend. According to recent reports, global art sales fell to $57.5 billion in 2024—a drop of 12% from the previous year. High-value auction sales (above $10 million) plunged 39%, while overall auction sales decreased 25% against a backdrop of international economic volatility. The contraction has hit mid-tier galleries hardest, which lack the financial resilience of global mega-galleries.
More than a dozen New York galleries have closed since 2023, including long-standing institutions such as Venus Over Manhattan and Tim Blum’s Los Angeles and Tokyo galleries. Many cite burnout or the unsustainable nature of the traditional gallery model, which is now under increasing pressure from digital sales platforms, dwindling visitor numbers, and fierce competition from industry giants.
The recent closures have left seasoned gallery staff unemployed and artists searching for new representation. Many mid-tier galleries are now unable to take on fresh talent or even maintain their current rosters.
Despite the setbacks, the art world continues to adapt. The upcoming Olney Gleason Gallery plans to continue supporting several artists in the wake of Kasmin’s closure. Meanwhile, Clearing’s Olivier Babin rejected the notion of joining a larger gallery, expressing his desire to remain independent.
Featured image: RTotzke, CC BY-SA 4.0, via Wikimedia Commons
