ArtNews is reporting today on uber gallery Hauser & Wirth’s new location in New York’s SoHo district. Of particular interest is that this was formerly, some 20 years ago, an outpost of Gagosian, who then decamped to trendier, albeit only a stone’s throw away, Chelsea. Interesting, and mystifying, at least for someone as me who can’t fathom the need for, what is it?- five locations or is it more? that Gagosian maintains in Manhattan. Hauser & Wirth, with this new outpost, maintains but a paltry three.
The dynamics of the contemporary trade perennially surprise me. Mind, it has largely taken over the traditional trade in the largest art market cities, certainly when it comes to the better- and perhaps I mean better promoted- living artists. My hats off however, to any gallerist who takes a chance on any studio work, but then, no gallerist I know has any direct financial commitment to an artist save payment when a work is sold, minus, of course, the typical commission of 40%.
That sounds a lot, but of course, overhead, most notably occupancy costs in the better venues can drain liquidity as quickly as flushing drains the tank of a toilet. And, too, clients at the highest end, the likes of Douglas Cramer and Eli Broad, are rather few and far between. Finally, one must be aware the predations of the auction houses, themselves well represented in the best art market cities, and the go-to for contemporary art. Of course, Basquiat became a name more than a Warhol Factory refugee while in Gagosian’s stable, but became, posthumously, a superstar because of Christie’s and Sotheby’s.
None of this answers my opening query, why it is the likes of Hauser & Wirth need so many locations so near one another. From time to time I feel the need for a doppio espresso macchiato and am glad to find a Caffe Nero near at hand. I’ve not felt such a necessity when it comes to purchasing any artwork. I don’t consider such a purchase an impulse buy and always wonder, in the venues they occupy, whether galleries are particularly mindful of being accessible to passing trade. Of course, traditionally venues have been important. They functioned in former ages to actually stimulate passing trade, bringing punters to the venue allowing convenience to visit one, then another, then another of the galleries huddled close together. Is that a working model in these days of the virtual shop? I shouldn’t think so, with shopping for even the most abstruse of objects now displaced by the virtual venue. Even popups like the better fairs and their ubiquitous galas and vernissages often functioning solely as a glam night out.
Perhaps it is that very many of the venues are populated with the better, and not so better, second and third (and fourth and fifth) rank independent galleries that are so necessary to those galleries of multiple locations. While a principal of the major international galleries might claim their stable of artists is collected, or should I say curated, from those whose works capture an ineluctable zeitgeist, or are possessed of an ineffable anima mundus, that’s only art speak. Scouting lesser exhibitions, the possession of the traditional red dot on the tombstone is the driver, and the more of them and the quicker the red dots populate, the more likely the artist’s next exhibition will be within the vaunted space of an uber gallery.
But where uber galleries sometimes garner uber collectors, some of that uber money leaks into capitalizing additional gallery spaces. In my former life as a banker, the two ventures one never loaned startup capital to were restaurants and, wait for it, art galleries. The sexiness of investing in an art gallery, while bankers, insufficiently libidinous so in consequence immune to such blandishments, nevertheless continues to find investor appeal. Hauser & Wirth must have sexiness in abundance, as they’ve also expanded into restaurants, including one nearby their new location SoHo location.