{"id":184002,"date":"2025-10-07T22:44:09","date_gmt":"2025-10-07T22:44:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/184002\/"},"modified":"2025-10-07T22:44:09","modified_gmt":"2025-10-07T22:44:09","slug":"hauser-and-zwirners-uk-galleries-report-nearly-90-drop-in-earnings","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/184002\/","title":{"rendered":"Hauser and Zwirner\u2019s UK Galleries Report Nearly 90% Drop in Earnings\u00a0"},"content":{"rendered":"

Hauser & Wirth and David Zwirner Gallery locations in the United Kingdom suffered significant dips in earnings in 2024, according to financial filings reviewed by Hyperallergic. Both galleries reported a nearly 90% decline in pre-tax profits amid a rumored multiyear art market downturn marked by a global decline in public auction sales<\/a> and a slew of gallery closures<\/a> in the United States.<\/p>\n

Per statements first reported by the Financial Times<\/a>, Hauser & Wirth\u2019s pre-tax profit dropped to \u00a31.16 million (~$1.56 million) from \u00a39.3 million (~$12.5 million) in 2023. The same filings show that Hauser & Wirth\u2019s total revenue of \u00a368.3 million (~$91.7 million) was just under half of the \u00a3143.9 million (~$193.2 million) in 2023. <\/p>\n

This revenue decline, the gallery stated in its strategic report, was \u201cdue to lower secondary market sales,\u201d referring to resales of work.<\/p>\n

A spokesperson for the gallery told Hyperallergic that \u201cthe global financial results of Hauser & Wirth in 2024 are aligned with the successful performance in 2023.\u201d Its two UK spaces, the spokesperson added, represent \u201ca small element of the gallery\u2019s annual financial performance.\u201d<\/p>\n

David Zwirner Gallery, which has just one gallery in the UK, reported \u00a337.1 million (~$49.9 million) in revenue for the year ending December 2024, a decrease from \u00a355.4 million (~$74.4 million) a year prior, citing a \u201creduction in cross-border transactions.\u201d Its gross profit margin decreased to 16.4% from 20.5%, and pre-tax profits dropped from \u00a33.3 million (~$4.4 million) in 2023 to \u00a3418,497 (~$561,874) in 2024.<\/p>\n

David Zwirner Gallery has not yet responded to Hyperallergic\u2019s request for comment.<\/p>\n

Hauser & Wirth and David Zwirner are typically characterized as blue-chip galleries, in the same ranks as Gagosian and Pace.\u00a0<\/p>\n

Hauser currently has 18 locations spanning the United States, Europe, Hong Kong, and the UK, and is slated to expand its footprint with forthcoming galleries in London<\/a> and Palo Alto, California<\/a>, next year. Its roster features artists including Jenny Holzer, Jeffrey Gibson, and Larry Bell, as well as estates like that of Louise Bourgeois. This past spring, four of its artists \u2014 Amy Sherald<\/a>, Lorna Simpson<\/a>, Rashid Johnson<\/a>, and Jack Whitten<\/a> \u2014 were spotlighted in solo shows<\/a> at major New York City museums.<\/p>\n

David Zwirner has eight locations across the US, London, Paris, and Hong Kong. It represents artists including Kerry James Marshall, Wolfgang Tillmans, and Yayoi Kusama, as well as the estates of Gordon Matta-Clark, Ruth Asawa, Alice Neel, and Diane Arbus, among others.<\/p>\n

The news of the galleries\u2019 UK numbers comes amid a reported slowdown in the international commercial art market and climbing costs under President Donald Trump\u2019s global trade tariffs.\u00a0<\/p>\n

In April, the annual Art Basel and UBS Art Market Report<\/a> documented a 12% decline in global art sales in 2024. During the first half of this year, art market research firm ArtTactic reported that total auction sales at Sotheby\u2019s, Christie\u2019s, and Phillips fell by 6%<\/a>. The art world has also been witnessing a growing list of gallery closures, which last week reportedly spread to Almine Rech\u2019s 11-year-old London branch<\/a> and Pace\u2019s Hong Kong exhibition space<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Hauser & Wirth and David Zwirner Gallery locations in the United Kingdom suffered significant dips in earnings in…\n","protected":false},"author":2,"featured_media":184003,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[10346,81395,59,57,58,21666,50,56,54,55],"class_list":{"0":"post-184002","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-united-kingdom","8":"tag-art-market","9":"tag-david-zwirner-gallery","10":"tag-gb","11":"tag-great-britain","12":"tag-greatbritain","13":"tag-hauser-wirth","14":"tag-news","15":"tag-uk","16":"tag-united-kingdom","17":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/184002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=184002"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/184002\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/184003"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=184002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=184002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=184002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}