{"id":64554,"date":"2025-10-08T02:52:10","date_gmt":"2025-10-08T02:52:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/64554\/"},"modified":"2025-10-08T02:52:10","modified_gmt":"2025-10-08T02:52:10","slug":"hauser-wirths-uk-profits-plunge-87-percent-as-global-art-market-slows","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/64554\/","title":{"rendered":"Hauser & Wirth\u2019s UK Profits Plunge 87 Percent as Global Art Market Slows"},"content":{"rendered":"

\n\tHauser & Wirth\u2019s UK subsidiary reported an 87 percent decline in pretax profit last year, according to a report by the\u00a0Financial Times<\/a>,\u00a0which said the drop reflects the broader slowdown in the global art market.<\/p>\n

\n\tAccording to newly filed accounts in the United Kingdom reviewed by the\u00a0FT, profit before tax fell to\u00a0$1.6 million in 2024, down from\u00a0$12.5 million\u00a0the previous year, as\u00a0revenue dropped by more than half, to $91.4 million, from $193 million in 2023. The gallery attributed the decline primarily to a sharp fall in\u00a0secondary-market sales, through which Hauser & Wirth resells works by artists it may not represent. That segment, the filing noted, can fluctuate significantly year to year depending on a handful of high-value transactions.<\/p>\n

\t\tRelated Articles<\/p>\n

\t\t\t\t\t\t\"A<\/p>\n

\n\tThe gallery, which represents artists including\u00a0Frank Bowling, George Condo, and Cindy Sherman, operates\u00a018 locations worldwide, including spaces in New York, Los Angeles, Menorca, and Hong Kong, as well as\u00a0two in the UK, on Savile Row in London and at its Somerset campus. Hauser & Wirth said the UK entity represents only a small portion of its overall business and that global results for 2024 were \u201caligned\u201d with the previous year\u2019s \u201csuccessful performance.\u201d<\/p>\n

\n\tThe gallery\u2019s founders,\u00a0Iwan and Manuela Wirth, also own\u00a0Artfarm Group<\/a>, a hospitality business that runs the\u00a0Fife Arms hotel in Scotland,\u00a0the Groucho Club\u00a0in London, and several restaurants. Artfarm\u2019s accounts showed a\u00a0wider pretax loss of $24 million\u00a0in 2024, compared with $15.8 million a year earlier, even as turnover rose 16 percent. The group said it was in a period of \u201cgrowth and capital investment,\u201d expanding its restaurant and bar portfolio internationally.<\/p>\n

\n\tThe Groucho\u2019s license was temporarily suspended in 2024 following a police investigation into a serious incident at the venue, though authorities did not implicate staff or members.<\/p>\n

\n\tHauser & Wirth\u2019s financial results come amid a contraction across the art market. According to the 2025 Art Basel and UBS Art Market Report,<\/a>\u00a0global art sales fell\u00a012 percent to $57.5 billion\u00a0last year, with the number of auction lots fetching more than $10 million plunging by\u00a039 percent. Major dealers and auction houses have begun scaling back:\u00a0Pace Gallery<\/a>\u00a0closed its Hong Kong space last week,<\/a>\u00a0while\u00a0Almine Rech<\/a>\u00a0has\u00a0shuttered its London gallery.<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Hauser & Wirth\u2019s UK subsidiary reported an 87 percent decline in pretax profit last year, according to a…\n","protected":false},"author":2,"featured_media":64555,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[52372,52373,442,498,499,500,501,156,48413,111,139,69,52374,52375],"class_list":{"0":"post-64554","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-arts-and-design","8":"tag-almine-rech","9":"tag-artfarm-group","10":"tag-arts","11":"tag-arts-and-design","12":"tag-artsanddesign","13":"tag-artsdesign","14":"tag-design","15":"tag-entertainment","16":"tag-hauser-wirth","17":"tag-new-zealand","18":"tag-newzealand","19":"tag-nz","20":"tag-pace-gallery","21":"tag-sothebyu2019s"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/64554","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=64554"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/64554\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/64555"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=64554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=64554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=64554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}