More Chelsea galleries close than open

In the past year, 25 out of
about
388 galleries in Chelsea have closed, according to gallery database
Chelseaartgalleries.com. But during the same period, at least 10 new
galleries have opened with more on the way. Gallery owners David
Zwirner and Iwan Wirth are planning to open two new galleries, one each in Chelsea and the Upper East Side. “When I look back at the history of
Hauser & Wirth over the past 17
years, I notice a pattern — we have almost always opened our galleries in
difficult economic moments,” Wirth said. Art experts say that
galleries fare better during the recession than auction houses as more
people want to privately sell artwork when prices are down, and an
artwork’s value can be tarnished if it fails to find a buyer at an
auction.