This week, Sotheby’s, the New York based auction house, announced that it will open this October a new gallery in London at the back of its current New Bond Street location. Cheyenne Westphal, Sotheby’s European head of contemporary art explained that the space to open on St George Street will have 5 exhibitions a year “In response to the growing demand from (our) clients to transact continuously — not just in the traditional sales seasons […].” The decision may have been prompted by the success of S2, the space dedicated to private sales opened within Sotheby’s New York headquarters.
This announcement comes a few months after Christie’s International stopped the operations of Haunch of Venison its New York and London based subsidiary. The auction house however kept the London space known as the Yard and turned it into a permanent exhibition and sales space for its private sales department.
These events do confirm the exponentially growing involvement of auction houses into the private sales arena changing the face of the art market.
The inaugural exhibition will be focusing on the early work of the German artist Joseph Beuys, one of the most prominent figures of Fluxus.
Read the full report on Bloomberg.