PARIS OLYMPICS FORCE UNEXPECTED GALLERY CLOSURES, IMPACTING DEALERS

Galleries in Paris’s Saint Germain des Près area have been forced to close due to security measures for the upcoming Olympic Games. Metal fences were erected without warning on June 28, creating a “gray zone” that restricts access to businesses. This has severely impacted foot traffic and client access, forcing many galleries to close early for the summer.

Dealers reported that clients were unable to visit, with even those who had appointments being denied entry. Galerie Forest de la Divonne’s director, Virginie Boissière, and Galerie George-Philippe et Nathalie Vallois founder, George-Philippe Vallois, expressed frustration over the lack of communication and the impact on their businesses.

A QR code system intended to allow access has been ineffective, with instances of clients being turned away despite having proof of appointments. Laurence Esnol of her eponymous gallery and Charlotte Ketabi of Ketabi Bourdet gallery highlighted the financial strain this has caused, emphasising the unpredictability of art sales compared to other retail businesses.

A commission to indemnify affected businesses was announced, but no clear guidance on compensation has been provided. The closures have dashed hopes of increased business during the Olympics, leaving galleries struggling with high costs and lost sales opportunities.

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BONHAMS APPOINTS CHABI NOURI AS GLOBAL CHIEF EXECUTIVE

Chabi Nouri, a veteran in luxury goods and private equity, has been named the global chief executive of Bonhams, effective October 2024. Nouri, formerly the CEO of Piaget and a partner at Mirabaud Group, succeeds Bruno Vinciguerra, who left in February 2024. Nouri's extensive experience in luxury retail, including nearly a decade at Cartier, positions her well to lead Bonhams.

Nouri will oversee all regions and business areas of Bonhams from her base in London. Her appointment aligns with Bonhams’ strategy to expand its offerings into collectible luxury goods like watches, sneakers, handbags, and fine wine and spirits, aiming to attract new clients and boost profit margins. A spokesperson indicated that Nouri's luxury sector expertise will likely drive further growth in these categories.

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MUNICH’S GALERIE THOMAS FILES FOR BANKRUPTCY

I unfortunate news, Galerie Thomas, a prominent Munich-based gallery, filed for bankruptcy on July 16, 2024, after 60 years in operation. Known for its exhibitions of German Expressionism, Bauhaus, and contemporary art, the gallery has regularly participated in major fairs like TEFAF and Art Basel. The gallery’s directors, Raimund and Silke Thomas, have not commented on the filing.

Attorney Hubert Ampferl is seeking a buyer for the gallery and will assess ownership claims on artworks, some of which are on consignment. The gallery will continue operating temporarily, with employees receiving unemployment benefits for up to three months. Insolvency proceedings are set to begin in late September.

Founded in 1964, Galerie Thomas co-founded the Villa Grisebach auction house in Berlin. The gallery's current exhibition, "Diversity in Visions," featuring artists like Alex Katz and Sigmar Polke, runs through August 31.

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NEW ART FAIR ART021 HONG KONG UNVEILS INAUGURAL LINEUP

Art021 Hong Kong Contemporary Art Fair announced its debut lineup, running from August 28 to September 8, featuring 73 galleries from 13 countries. Highlights include Chinese galleries Tang Contemporary Art, Antenna Space, and ShanghArt, as well as Tehran’s Dastan Gallery and Dubai’s The Third Line. The fair will also host a solo exhibition by Amir H. Fallah and the project "One Thousand and One Nights," showcasing Western Asian artists. The Videos sector will screen works at Asia Society Hong Kong Center, and public art installations will appear at Victoria Park and The Fringe Club. The event is funded by Hong Kong’s Mega Arts and Cultural Events Fund and sponsored by Sun Life.

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AUCTION HOUSES EXPAND IN HONG KONG AMID GLOBAL MARKET SLOWDOWN

Top auction houses Sotheby’s, Christie’s, and Bonhams are expanding their presence in Hong Kong, targeting young Asian buyers despite a global market slowdown. Sotheby’s has opened new showrooms in an upscale mall, aiming to make it a cultural hub. Christie's will double its space with a new venue designed by Zaha Hadid Architects, opening in September, while Bonhams will move to a larger location, focusing on transactions under $1.3 million.

Despite the broader market decline, Hong Kong remains a strategic base due to its favourable tax and legal frameworks. Auction houses are also adapting to younger, internet-savvy buyers, with Christie's reporting that 29% of its buyers in 2024 were millennials or Gen Z. The expansion reflects confidence in Hong Kong's long-term potential as an art market centre, despite current economic challenges.

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