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London's contemporary art gallery has shut its doors permanently after three decades in business. Stephen Friedman Gallery, based on Cork Street in Mayfair, has entered administration. The gallery appointed joint administrators on February 12, Nedim Ailyan and Glyn Mummery of FRP Advisory Trading Limited. All 25 members of staff have reportedly lost their jobs, with artists advised to retrieve works from the gallery before early February. The closure also impacted its attendance at Art Basel Qatar, where the gallery was supposed to present a solo booth of work by the late Huguette Caland. The presentation was taken over by the Huguette Caland Estate instead.

It first confirmed the move earlier this month in a statement. "Stephen Friedman Gallery has commenced the administration process on February 2, 2026 to allow for an orderly review of its financial position," the gallery said on February 4. "FRP Advisory have been appointed as the administrator. All matters are now subject to the administrator's consideration. The gallery is now closed to the public and is not presenting at Art Basel Qatar this week."

Founded in London in 1995, Stephen Friedman Gallery quickly became important in the capital's contemporary art scene, representing internationally recognised artists.

In November 2023, the gallery also opened a New York space in TriBeCa, allowing its artists to exhibit in the United States without partnering with another gallery. However, that outpost closed just three months ago, with the move presented at the time as part of a consolidation strategy focused on London.

Behind the scenes, however, there were evident financial pressures.

Accounts revealed that the gallery lost approximately £1.7 million in 2023, citing the costs of constructing two new gallery spaces, paying rent on new premises before moving, and holding on to the old space during refurbishment. According to The Art Newspaper, the filings also pointed to "a strong downturn in the industry's economic market" contributing to difficulties.

Auditors warned that the business was relying on outside financing to cover day-to-day costs, raising doubts about whether it could continue to meet its short-term obligations.

Although projections for 2025 had been described as "positive", filings acknowledged that due to "the slower than usual sell-through of a major exhibition at the end of 2024 and a slow start to 2025, cash flow is currently tight".

The most recent accounts, which were due to be filed at the end of January, have not yet been made public.

The Canadian-born, London-based dealer Stephen Friedman opened his first gallery space in Mayfair at a time when the Young British Artists, a loose group of contemporary artists prominent in the late 1980s and 1990s, dominated the scene. Over 30 years, the gallery has been supporting international talent and staging ambitious exhibitions in the heart of the capital.

Now, with the doors closed, one of London's many established contemporary art dealerships has come to a sobering end.