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Chelsea Rents Drive Out Smaller Galleries

February 21st, 2013

The Chelsea neighborhood of New York, via BloombergThe rapidly skyrocketing rent prices in New York’s Chelsea neighborhood is driving out many of the galleries that brought the area to prominence a few years earlier.  The neighborhood’s rapid growth has attracted a number of high-profile clients that have caused fierce competition over much higher rent prices, and middle-sized galleries are feeling the pinch.  “The mid-range galleries are going to just vanish from Chelsea,” says gallerist Magdalena Sawon of Postmasters Gallery, effectively eliminating “anything radical or experimental.”  Read more at Bloomberg

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