2025, the year galleries learned to dance in the rain

01The graveyard of lost illusions

The numbers are brutal. According to the latest Art Basel/UBS report, 18% of European galleries closed between 2020 and 2024. In the United States, the rate reached 23%, with peaks of 31% for mid-sized galleries (those with turnovers between 500,000 and 2 million euros). In Paris, rue de Turenne, once nicknamed "gallery row," lost six spaces in two years. Even established institutions are faltering: Kasmin Gallery, founded in 1989, shut its doors in November 2024 after watching its revenue drop by 42% over three years.

What’s striking about this bloodbath isn’t just the number of closures but their nature. The galleries disappearing aren’t fragile structures but long-standing institutions: Altman Siegel in San Francisco (17 years in business), Rena Bransten (50 years), and even the venerable Marlborough Gallery in London, which threw in the towel after seventy years. "We’re witnessing the collapse of the Fordist gallery model," analyzes Parisian gallerist Kamel Mennour. "The one where you opened a 200-square-meter space in a trendy neighborhood, organized four exhibitions a year with a Thursday-night opening, and relied on fairs for 70% of your revenue."

02The three horsemen of the apocalypse

Three main factors explain this wave of closures:

The scissor effect of costs: Between 2015 and 2024, commercial rents in Paris, London, and New York rose by an average of 87%, while contemporary art prices stagnated (+3% per year over the same period). In Chelsea, the price per square meter jumped from $800 to $1,450 between 2010 and 2023. "We were spending $45,000 a month just on rent," confides a former New York gallery director. "And that was a friend’s rate. Today, the same space costs $68,000.". Disintermediation: Collectors no longer need galleries to discover artists. In 2024, 62% of contemporary art buyers used at least one online platform for their purchases (specialist online platforms, Artland, or auction house websites). Fairs, once indispensable, saw attendance drop by 18% at Art Basel Miami in 2023. "People still come, but they buy less," explains a gallerist at the FIAC. "They scout, take photos, then order on specialist online platforms once they’re home.". The paradigm shift among collectors: Millennials and Gen Z, who now account for 46% of contemporary art buyers, don’t collect like their predecessors. They want experiences, not objects. "They’d rather spend 50,000 euros on a digital work by Refik Anadol than 20,000 euros on a Gerhard Richter painting," observes an art advisor based in Hong Kong. "For them, art has to be Instagrammable, immersive, and meaningful.".

03The survivors: anatomy of resilience

Faced with this crisis, some galleries have managed to adapt. Their secret? A mix of economic pragmatism and strategic boldness.

The hybrid model: David Zwirner gallery opened a 1,500-square-meter space in Paris in 2023... and closed it two years later. But unlike many, Zwirner didn’t disappear. It refocused on its online platforms, which now account for 38% of its revenue. "We sell more works through our website than in our physical spaces," reveals a gallery director. "The white cube has become a showroom, not a sales floor."

Extreme specialization: Faced with competition from mega-galleries, some structures have chosen to focus on niches. Parisian gallery Chantal Crousel, specializing in conceptual art, saw its revenue increase by 22% in 2024. "We only do six exhibitions a year, but each one generates a 200-page catalog and international media coverage," explains its team. "Our collectors know we don’t sell product—we sell content."

Vertical integration: Hauser & Wirth took the concept further by becoming its own museum. Their space in Somerset, England, combines a gallery, restaurant, bookstore, and artist residency. "We don’t just sell artworks—we sell an experience," sums up their director. "People come for the weekend, visit the exhibition, eat at the restaurant, buy a book, and leave with a lithograph."

04The white cube is dead, long live the black box

The closure of traditional galleries marks the end of an aesthetic as much as an economic model. The white cube, theorized by Brian O’Doherty in the 1970s, was designed as a neutral, sterile space where art could speak for itself. In 2025, this concept feels like a relic of the 20th century.

New galleries look more like laboratories than temples. At Perrotin, exhibitions systematically incorporate interactive elements: augmented reality, projections, even performances. "Collectors want to participate, not just observe," explains a gallery collaborator. "We organized an exhibition where visitors could adjust the lighting of the works via an app. The result? The average time spent in the space tripled."

This aesthetic shift is accompanied by a technological revolution. In 2024, Pace Gallery launched Pace Verso, a platform dedicated to NFTs and digital works. "We sold a teamLab piece for $1.2 million without it ever existing physically," reveals a manager. "Collectors don’t want to own—they want to access."

05Artists in the great upheaval

When a gallery closes, its artists are often left orphaned. In 2024, the closure of Altman Siegel left twenty artists without representation. Some found refuge with larger galleries (Julie Mehretu at Pace, Tauba Auerbach at Paula Cooper), but others had to reinvent themselves.

The direct-to-collector model: Artist Kehinde Wiley launched his own sales platform, Black Rock, in 2023. "I don’t want to depend on galleries to distribute my work," he explains. "With social media and e-commerce tools, I can sell directly to my collectors." In one year, Black Rock generated $3.2 million in sales.

Artist residencies: More and more artists are turning to structures like the Camargo Foundation in Cassis or the Banff Centre in Canada. "These residencies offer income, a studio, and visibility," explains an artist based in Berlin. "And unlike galleries, they don’t take a 50% commission."

Collectives: In New York, the 47 Canal collective functions as a self-managed gallery. "We share costs, risks, and profits," explains one of its members. "It’s less stable than a traditional gallery, but it’s freer."

06The new face of the collector

In 2025, the typical collector is no longer the same as in 2015. Baby boomers, who accounted for 68% of contemporary art buyers in 2010, now make up only 34%. Their place has been taken by millennials and Gen Z, who collect differently.

Experience over ownership: In 2024, the Cartier Foundation organized an immersive exhibition by digital artist teamLab. The result? 450,000 visitors in three months, and 120 works sold at prices ranging from 5,000 to 50,000 euros. "People don’t want a painting to hang on the wall anymore," explains an art advisor. "They want an experience they can share on Instagram."

Fractionalization: Platforms like Masterworks or Otis allow buyers to purchase shares of artworks. "A collector can acquire 10% of a Basquiat for 50,000 euros," explains an analyst. "It’s cheaper than a Rolex, and potentially more profitable." In 2024, the fractional art market reached $1.8 billion, up 42% from 2023.

Political engagement: Young collectors want their money to have an impact. In 2025, 58% of contemporary art buyers say they prioritize artists engaged in social or environmental issues. "We sold a series of photographs about the climate crisis for 250,000 euros," recounts a London gallerist. "Collectors don’t just want beauty anymore—they want meaning."

07Lessons for those who remain

To survive in this new landscape, galleries must rethink their model from A to Z. Here are the strategies that work:

Downsize: Parisian gallery Nathalie Obadia closed its Brussels space in 2023 to focus on Paris and New York. "We reduced our costs by 35% without losing revenue," explains its team. "Better to have a smaller, more profitable space.". Diversify revenue streams: Thaddaeus Ropac gallery opened a restaurant in its Pantin space. "People come for lunch, stay for the exhibition, and leave with a lithograph," explains a manager. "The restaurant generates 20% of our revenue and attracts a different clientele.". Invest in digital: In 2024, Templon gallery launched a virtual reality platform allowing collectors to visit exhibitions remotely. "We sold a Kehinde Wiley piece to a collector in Dubai who had never set foot in our gallery," says a collaborator. Build connections: Almine Rech gallery organizes private dinners with artists. "Collectors want to meet the creators, not just buy their works," explains its team. "These events generate more sales than our openings.". Specialize: Parisian gallery Chantal Crousel focuses on conceptual art. "We only do six exhibitions a year, but each one is an event," explains its team. "Our collectors know we don’t sell product—we sell content.".

08The future: between mega-galleries and micro-structures

By 2030, the gallery landscape will have changed radically. Three scenarios are emerging:

The monopoly of mega-galleries: A few giants (Gagosian, Hauser & Wirth, Pace) will dominate the market, while small galleries become "feeders," scouting talent for the big names. "It’s the Hollywood model," explains an analyst. "Small structures discover artists, big ones exploit them.". Decentralization: Galleries will disappear in favor of online platforms, artist residencies, and self-managed collectives. "Art no longer needs walls," predicts a New York gallerist. "It needs networks.". Hybridization: Galleries will merge with other industries (tech, hospitality, retail). "We’ll see galleries in hotels, shopping malls, even airports," imagines a consultant. "Art will become a service, not a product.".

Whatever happens, one thing is certain: the traditional gallery model, as it has existed since the 1960s, is dead. The survivors will be those who manage to reinvent themselves. As gallerist Leo Castelli once said, "A gallery is not a place—it’s an idea." In 2025, that idea must evolve more than ever.