According to financial disclosures analyzed by Hyperallergic, both Hauser & Wirth and David Zwirner Gallery in the UK experienced significant revenue losses in 2024. The galleries reported that their pre-tax profits fell by nearly 90%, coinciding with speculation of a prolonged downturn in the art market characterized by a decline in public auction sales worldwide and a rise in gallery closures in the U.S.
As noted in reports covered by the Financial Times, Hauser & Wirth’s pre-tax earnings plunged to £1.16 million (~$1.56 million) from £9.3 million (~$12.5 million) in 2023. Their total revenue also dipped to £68.3 million (~$91.7 million), which is less than half of the £143.9 million (~$193.2 million) reported the previous year. The gallery attributed this decline in revenue to “lower secondary market sales,” indicating a drop in resales of artwork.
A spokesperson for Hauser & Wirth remarked to Hyperallergic that “the global financial outcomes for Hauser & Wirth in 2024 are consistent with the strong performance seen in 2023.” They emphasized that the two UK locations constitute “a minor aspect of the gallery’s overall financial results.”
David Zwirner Gallery, which operates a single venue in the UK, recorded revenues of £37.1 million (~$49.9 million) for the year ending December 2024, down from £55.4 million (~$74.4 million) the previous year. The gallery cited “a reduction in cross-border transactions” as a contributing factor. This resulted in a gross profit margin decline from 20.5% to 16.4%, and pre-tax profits dropped dramatically from £3.3 million (~$4.4 million) in 2023 to £418,497 (~$561,874) in 2024.
As of now, David Zwirner Gallery has not provided a comment in response to Hyperallergic‘s inquiry.
Both Hauser & Wirth and David Zwirner are typically regarded as prestigious blue-chip galleries, on par with Gagosian and Pace. Currently, Hauser & Wirth has 18 locations across the United States, Europe, Hong Kong, and the UK, with plans to open new galleries in London and Palo Alto, California next year. Its artist roster includes notables like Jenny Holzer, Jeffrey Gibson, and Larry Bell, alongside estates such as Louise Bourgeois. Recently, four of its artists—Amy Sherald, Lorna Simpson, Rashid Johnson, and Jack Whitten—were featured in solo exhibitions at major New York City museums this past spring.
David Zwirner maintains eight locations across the U.S., London, Paris, and Hong Kong, representing celebrated artists such as Kerry James Marshall, Wolfgang Tillmans, and Yayoi Kusama, as well as the estates of artists like Gordon Matta-Clark, Ruth Asawa, Alice Neel, and Diane Arbus, among others.
This news regarding the galleries’ UK performance comes amid reports of a deregulating international art market and rising costs as influenced by President Donald Trump’s trade tariffs.
In April, the Art Basel and UBS Art Market Report noted a 12% decrease in global art sales for 2024. Additionally, in the first half of this year, ArtTactic indicated that auction sales at major houses like Sotheby’s, Christie’s, and Phillips fell by 6%. The art sector is also grappling with an increasing number of gallery closures; last week saw the reported closings of Almine Rech’s London branch and Pace’s gallery in Hong Kong.
