What's Happening?
Clearing, a prominent art gallery with locations in New York and Los Angeles, has announced its closure due to insurmountable financial challenges. Founder Oliver Babin revealed that the gallery, which has been a significant platform for emerging artists since its inception in 2011, will shut down its operations in both cities. The decision comes as the gallery faces increasing overhead costs, including rent and shipping, while experiencing a decline in revenue. Babin noted that the gallery's move to a more expensive location in Manhattan's Bowery in 2023 coincided with a slowdown in the art market, exacerbating financial strains. Despite efforts to sustain operations, Babin concluded that continuing was no longer viable. The gallery's final exhibitions featured solo shows by artists Henry Curchod in Los Angeles and Coco Young in New York.
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Why It's Important?
The closure of Clearing Gallery highlights the broader economic pressures facing the art industry, particularly in major urban centers like New York and Los Angeles. Rising operational costs and a slowing art market have made it increasingly difficult for galleries to maintain profitability. This trend is not isolated, as several other galleries, including Kasmin and Venus Over Manhattan, have also announced closures or restructuring plans. The impact of these closures extends beyond the galleries themselves, affecting artists who rely on these platforms for exposure and career development. The art community may see a shift in how galleries operate, potentially leading to more innovative or alternative models to adapt to the changing economic landscape.
What's Next?
As Clearing Gallery prepares to close its doors, founder Oliver Babin has expressed a desire to remain involved in the art world, albeit in a different capacity. Babin has ruled out joining a larger gallery as a sales director, preferring to explore new opportunities that align with his vision and passion for the arts. The closure of Clearing may prompt other galleries to reassess their business models and explore new strategies to navigate the current economic climate. Additionally, the art market may see a rise in pop-up exhibitions and collaborations as galleries seek to reduce overhead costs while maintaining visibility and engagement with audiences.
