On October 7th, Denny Gallery, a staple of downtown New York’s art scene, shut its doors permanently after 10 years in Tribeca. This development, on the heels of the closures of Queer Thoughts, Foxy Production, and JTT, marks the fourth shutdown of a tastemaking gallery in downtown New York—the neighborhoods below 14th Street in Manhattan—in the space of three months. While each gallery cites different reasons for shuttering, the number and pace of the closures is alarming.
In recent years, more than 60 galleries have opened in Tribeca and SoHo. According to data from the Association for Neighborhood and Housing Development, retail rents dropped 17% in Lower Manhattan between 2019 and 2021 compared to 2018—a major impetus for galleries to relocate downtown, and a shift that created a new community-driven scene in the process.
The market downturn evokes déjà vu for Shihui Zhou, the founder of LATITUDE in Chinatown, saying it mirrors the uncertainty that enveloped the art industry during the pandemic. “We’re so seasoned with fluctuating markets and lean years, given the fact we started in 2020,” she told Artsy. But since then, the gallerist, primarily supporting the art of emerging Asian artists, diligently maintains LATITUDE’s schedule against this backdrop.
“With the unpredictability of the art market and broader economic shifts, I frequently switch to backup plans to ensure the gallery stays on track,” Zhou said. “For instance, if there’s an unexpected hiccup with artists or shows, I’m quick to jump to a ‘plan B.’ And when sales are slow, PR becomes our focus. The reality is, without a robust lineup of solid plans and shows, bills start piling up. Plus, without the right buzz for a young gallery like us, pushing work becomes challenging on all fronts.”