What's Happening?
Herald Street, a London-based gallery, is set to open a new space in Bologna, Italy, early next year. This expansion marks a strategic move to operate within a different economic environment compared to London. The gallery, co-founded by Nicky Verber
and Ash L'Ange, has been nurturing artists' careers for over 20 years and aims to leverage Bologna's connectivity to major Italian cities and its local collector base. The new gallery will feature three exhibition rooms and will open with a show by abstract painter Matt Connors. This move is part of a broader strategy to engage with Italy's rich network of museums and private collections.
Why It's Important?
The decision to open a gallery in Bologna reflects a shift towards more sustainable business practices in the art world. As many mid-sized galleries face challenges due to ambitious expansion plans, Herald Street's approach highlights a focus on manageable growth. The economic pressures in Bologna differ from those in London, offering a more comfortable financial context for the gallery. This expansion could set a precedent for other galleries seeking to navigate the evolving art market landscape, especially in light of Italy's recent reduction in VAT rates on art, which may attract more international galleries.
What's Next?
Herald Street's Bologna gallery is expected to host fewer exhibitions than its London counterparts, with plans for three to four shows annually. The gallery's presence in Bologna will likely foster deeper connections with local collectors and institutions, potentially influencing the regional art scene. As the gallery tests this new economic model, it may inspire similar moves by other galleries looking to adapt to changing market conditions. The success of this venture could lead to further international expansions by Herald Street and other galleries.
