Armin Resch London Gallery Shuts Down, Citing Economic Headwinds & Tax Changes – Breaking News
In a surprising turn for the international art world, Armin Resch, a prominent name in contemporary art, has announced the closure of its London gallery. The move, reported by Art News Paper, comes as the UK art market navigates a complex landscape shaped by Brexit, shifting tax policies, and a changing collector base. This is a developing story, and we’re bringing you the latest updates as they emerge. This article is optimized for Google News and SEO to ensure you get the information you need, fast.
A Legacy in the Making: From Paris to Global Presence
Armin Resch first established his gallery in the Marais district of Paris in 1989, pioneering the representation of artists like James Turrell at a time when few European galleries were taking such risks. Over the decades, the gallery expanded its footprint, now boasting locations in Paris, New York, Brussels, Monaco, Gstaad, Switzerland, and Shanghai. The London outpost, opened in 2014 on Saville Row and later relocated near Gagosian on Grosvenor Hill, quickly became a significant player in the city’s vibrant art scene.
£6.3 Million Deficit & Liquidation Process
According to documents filed with the UK Business Registry and reported by Art News Paper’s Melanie Garliss on October 3rd, the London gallery is facing a deficit of £6.3 million (approximately 1.257 billion yen). Resch himself characterizes the liquidation as a “technical procedure” aimed at restructuring lease agreements that no longer align with the gallery’s future plans. He assures that all outstanding payments to artists, employees, and business partners have been settled. Exhibitions at the London space included works by celebrated artists such as Javier Cajeja, Chloe Weisz, Esther Marlang, and Jeff Koons, culminating in Gregor Hildebrandt’s solo show which concluded on July 26th.
The Impact of Brexit & Tax Reforms on the UK Art Market
Resch attributes some of the challenges to broader economic shifts. In early 2025, he told the US version of ARTnews that tax reforms implemented in the UK in 2024 prompted wealthy individuals to relocate, leading to a loss of collectors in London. “Once people leave and settle elsewhere, they usually don’t come back,” he explained. This exodus of capital has undoubtedly impacted the demand for high-end art within the UK.
The art market, in general, has been grappling with the fallout from Brexit and the COVID-19 pandemic. While some London dealers reported resilience in 2023, noting the growing strength of the French market, the pressures on UK galleries are undeniable. Understanding these macro-economic forces is crucial for anyone involved in the art world – from collectors to artists to gallery owners. SEO best practices dictate that we highlight these key factors for search visibility.
Looking Ahead: Resch’s Plans for London
Despite the closure, Resch remains optimistic about London’s potential. He emphasized that the city remains a “very important” location and hinted at future plans, stating, “I will open something (there) soon,” though details remain undisclosed. This suggests a strategic recalibration rather than a complete withdrawal from the London art scene. The gallery’s website has already been updated, removing all information related to the London location.
The closure of the Armin Resch London gallery serves as a stark reminder of the challenges facing the art market in a post-Brexit, post-pandemic world. It also highlights the importance of adaptability and strategic planning for galleries navigating a rapidly evolving economic landscape. Stay tuned to Archyde for further updates on this developing story and in-depth analysis of the art market’s future.
For more insights into the art world, explore Archyde’s extensive coverage of contemporary art trends, artist profiles, and market analysis. Don’t miss our upcoming features on the impact of AI on art creation and the rise of digital art collecting.
