The internationally renowned contemporary art gallery Almine Rech has officially closed its London space located in the Mayfair district, marking the end of its over ten-year presence in the UK capital. This significant development aligns with a strategic lease restructuring and reflects broader transformations and challenges in the London art market. Despite the closure, Almine Rech continues to operate successfully across its other global locations, including two galleries in Paris and others in New York, Brussels, Shanghai, Monaco, and Gstaad.
Background: Almine Rech’s London Journey
Almine Rech, who founded the gallery in Paris in 1997, opened its first London venue in 2014 on Savile Row before relocating to Broadbent House on Grosvenor Hill in 2016. This move positioned the gallery among Mayfair’s elite art scene, neighboring other heavyweights such as Gagosian. The London gallery quickly garnered acclaim by presenting solo exhibitions of internationally celebrated artists including Jeff Koons, Chloe Wise, Calle, and Esther Mahlangu.
The gallery highlighted its commitment to contemporary and modern art throughout its tenure, staging critically lauded shows and maintaining a strong collector base in London. However, recent years have seen the art ecosystem in London impacted by Brexit, new tax regulations, and the Covid-19 pandemic, all contributing to shifting market dynamics Artnews, The Art Newspaper.
Reasons Behind the Closure
Company filings confirm that the UK branch of Almine Rech, recently renamed LG Realizations 2025, entered voluntary liquidation in August 2025. The gallery’s statement clarified that this was a “technical step to restructure a lease that no longer aligned with our plans.” It was revealed in Companies House filings that the London branch faced a £6.3 million deficit, predominantly composed of intercompany and shareholder loans.
Almine Rech emphasized that the liquidation does not imply unpaid debts to artists, employees, or suppliers, clarifying that the gallery’s financial obligations had been met. Founder Almine Rech, while acknowledging the challenges in London, reiterated that the city still holds “significance” for the gallery’s business strategy, with intentions to “launch something there soon,” though details remain undisclosed The Art Newspaper, Artnews.
Market Context and Wider Industry Implications
The closure of Almine Rech’s London gallery reflects a cautious recalibration by prominent dealers in response to London’s recent economic and regulatory shifts. The combined impact of Brexit-induced capital flight, increased taxation on art transactions, and lingering effects of the pandemic have led several galleries to reconsider their UK footprint. Notably, leading contemporaries such as Gagosian also shuttered galleries in London in 2023, signaling potential long-term transformations in the local market Artnews, The Art Newspaper.
Despite these challenges, Almine Rech asserts optimism about London’s resilience as a global art hub. The gallery’s continued expansion in Asia and the Americas evidences a strategic pivot toward diversified markets while preserving strong European roots at its Paris headquarters.
Recent Activity and Future Outlook
The London gallery’s final exhibition featured a solo show by Gregor Hildebrandt, closing in late July 2025. Meanwhile, Almine Rech continues to sustain vigorous programming — including a sold-out recent show by Canadian artist Chloe Wise at its New York Tribeca location, and successful participation in Frieze Seoul 2025.
Founder Almine Rech has indicated hiring activity in London despite the gallery closure, suggesting plans to maintain a presence that may not revolve around a traditional gallery space. The company’s future initiatives in London remain under wraps but hint at a “considered shift” rather than a permanent retreat Artnews, LinkedIn.
Image Sources
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Exterior of Almine Rech London gallery on Grosvenor Hill: Courtesy Almine Rech official Instagram Instagram
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Works by Jeff Koons and Chloe Wise previously exhibited at London gallery: Courtesy Almine Rech Almine Rech Website
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Company House filings screenshot regarding UK liquidation: Public domain records
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FAQ
Q: When did Almine Rech open and close its London gallery?
A: The London gallery opened in 2014 and closed in 2025, after more than a decade of operation.
Q: Why did Almine Rech close its London space?
A: The gallery closed due to lease restructuring and changing strategic priorities amidst challenging market conditions.
Q: Is Almine Rech still active internationally?
A: Yes, it operates galleries in Paris, New York, Brussels, Shanghai, Monaco, and Gstaad.
Q: Did the closure result in unpaid debts or layoffs?
A: No outstanding debts were reported, and the gallery is reportedly still hiring in London.
Q: How has Brexit impacted London’s art market according to Almine Rech?
A: Brexit has contributed to a decline in some clientele and capital flight from London, although the market remains resilient.
Q: What was the last exhibition at the London gallery?
A: A solo show by Gregor Hildebrandt, which closed in July 2025.
This article provides a comprehensive analysis of Almine Rech’s strategic closure of its London gallery, contextualizing it within broader market trends and highlighting the gallery’s forward-looking outlook.