Gagosian in Talks to Open Paris Art Gallery
The time to grow is when the market is suffering. This must be in the back of the mind of art market guru Larry Gagosian, who has been involved with such heavy-hitter artists as Damien Hirst and Richard Prince. While there are small signs of a recovery, much is still uncertain. However, this hasn't stopped Gagosian from making a bold move: opening a branch of the Gagosian Gallery in Paris.
There are plenty of deep-pocketed art collectors in Paris, including Francois and Bernard Arnault, and the French market hasn't suffered as severely as those in London and New York. That said, Paris is the smallest of the western troika, but with a presence in the two largest markets already, the French capital was the next logical step.
Waring Hopkins, director of modern art specialist Hopkins-Custot – which is located in what is likely to become Gagosian's back yard – observed to Bloomberg, "Gagosian would instantly become one of the most important dealers in Paris," and that setting up shop in Paris "would be good for Gagosian and it would be good for the city."
The market itself is only part of what makes the expansion shrewd. Gagosian can use the space in Paris to show works from contemporary artists represented by competing galleries in New York and London.