The Guardian reports on the rising rent and low return on investment in the rapidly developing London neighborhoods of St. James and Mayfair, and the impacts the growth in high-end construction is having on the long-standing galleries of the area.  The story centers around Cork Street, where a number of storied London galleries are located.  “I am an angry old man,” says gallerist Leslie Waddington of the 80-year old gallery Waddington Custot. “Cork Street has been built up over the years and relies on a mix of different galleries. We are the victims of a kind of commercial fascism, where those making decisions based on profit feel they are unaccountable.” (more…)

A group of artists, led by Jules de Balincourt, are taking active measures to prevent the ongoing cycle of gentrification from driving them from their studio spaces in the North Brooklyn neighborhood of Bushwick.  The rising rents in the swiftly gentrifying neighborhood has some artists pushing to take a stand before they are priced out.  “Ten years ago, artists were paying $1 a square foot. Now, in some cases, it’s as much as $4,” says artist William Powhida. “We’re seeing floors subdivided into smaller and smaller spaces, and landlords are charging more and more money. It certainly prices out a number of artists.” (more…)

Sotheby’s has placed its York Ave. Headquarters on the Upper East Side of Manhattan up for sale, sources report.  The auction house will be looking to potentially lease back the building for the time being, as it looks to readdress its current home.  “Given the location of our building, the current real estate market, the unsolicited interest we’ve received in our property and our responsibility to our shareholders, we are exploring our options,” Sotheby’s spokesman Andrew Gully said. (more…)