Rumors have been swirling about London’s Stephen Friedman Gallery, especially after ARTnews reported on Tuesday that the gallery had pulled out at the last minute from a coveted spot at the inaugural Art Basel Qatar, which kicked off Tuesday in Doha.
Now, ARTnews can confirm that the gallery has entered administration—the UK equivalent to bankrupcy proceedings—and is closed to the public. The gallery was founded in London’s Mayfair neighborhood in 1995.
“Stephen Friedman Gallery commenced the administration process on 2 February 2026 to allow for an orderly review of its financial position,” the gallery told ARTnews in an emailed statement Wednesday. “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.”
According to an anonymous source with knowledge of the gallery’s operations, about forty people are employed by the gallery in London and New York, and all are due to be laid off on Friday. Artists are being advised to retrieve any works at the gallery before that time, the source indicated. The gallery did not immediately respond to a request for confirmation.
“Public records show the gallery lost about £1.7 million in 2023, and that its auditors warned that the business was relying on outside financing to cover day-to-day costs, raising questions about how easily it could meet its short-term obligations, or even stay afloat,” ARTnews’s Daniel Cassady reported on Tuesday.
There were signals of trouble in November, when the gallery closed its New York outpost after just two years, framing the move in a message to ARTnews as a “strategic evolution” that allows it to “focus [its] resources” on international activity from a “strong London base.” The gallery boasted of new director hires in London and promised appearances at upcoming fairs including not only Qatar but Frieze London and Art Basel Miami Beach.
The gallery’s website lists artists including Stephan Balkenhol, Melvin Edwards, Denzil Forrester, Tom Friedman, Thomas Hirschhorn, Rivane Neuenschwander, Deborah Roberts, Yinka Shonibare, Jaune Quick-to-See Smith, and Kehinde Wiley. It also currently indicates future participation in Frieze Los Angeles, happening this month.
Last year alone, it participated in Art Basel Miami Beach with a solo presentation of Shonibare, Frieze London with Sarah Ball, Frieze Masters with Anne Rothenstein, Frieze Sculpture with Quick-to-See Smith, and Art Basel in Switzerland and Art Basel Hong Kong with group exhibitions.
