Hauser & Wirth UK profits plunge 90% as art market slumps

Hauser & Wirth’s UK arm saw pre-tax profits plunge 90% to $1.6 million in 2024 from $12.5 million the previous year, while revenues collapsed by more than half from £193 million to £91.4 million.
The mega-gallery attributed the dramatic decline to “lower secondary-market sales” as the high-end art market experiences a severe contraction, with auction transactions over $10 million down 39%.
The struggles at Hauser & Wirth, which represents artists including Martin Creed and Amy Sherald, reflect an industry-wide crisis that saw prominent galleries like Blum, Venus Over Manhattan, Kasmin, and Clearing close in 2025.
Fine-art auction sales totaled $4.72 billion in the first half of 2025, down 8.8% year-over-year and 40.9% from 2022’s peak, while the Art Dealers Association of America canceled its popular 2025 Art Show.
Global art market sales fell 12% to $57.5 billion in 2024 according to the Art Basel and UBS report, marking the second consecutive year of decline as wealthy collectors pull back spending amid economic uncertainty.

Hauser & Wirth UK Profits Plummet 90% Amid Art Market Downturn

Hauser & Wirth’s UK operations suffered a devastating 90% drop in pre-tax profits for 2024, plummeting to just £1.6 million from £12.5 million the previous year, according to Financial Times reporting published Monday. The Swiss mega-gallery’s UK revenue also collapsed by more than half, falling from £193 million to £91.4 million, highlighting the severe contraction gripping the global art market.ft

The dramatic decline at one of the world’s most prominent contemporary art galleries underscores the deepening crisis facing the art industry, as high-end sales evaporate and established dealers shut their doors across major art centers.

Gallery Exodus Accelerates as Market Contracts

Hauser & Wirth’s struggles reflect broader industry turmoil that has intensified throughout 2025. The first half of the year witnessed an unprecedented wave of gallery closures, with influential dealers Tim Blum shuttering his namesake gallery after three decades, Adam Lindemann closing Venus Over Manhattan after 14 years, and Olivier Babin ending operations at his rising Clearing gallery.artnet

“The industry is in a free fall,” said Jonathan Siegel, co-owner of Soho Art Materials, whose canvas stretching business dropped from 700-1,000 annually to just 200. “Galleries are closing left and right. They have overextended. Everyone thought the light would never stop shining”.artnet

The Art Dealers Association of America canceled its popular 2025 Art Show, while fine-art auction sales during the first half of 2025 totaled $4.72 billion, down 8.8% from the same period last year and 40.9% from 2022’s peak.artsy

Secondary Market Collapse Hits Hauser & Wirth Hard

Hauser & Wirth specifically attributed its UK profit collapse to “lower secondary-market sales”—the resale of works by artists the gallery no longer represents. This segment, which can fluctuate dramatically based on a limited number of high-value transactions, has been particularly vulnerable to the current downturn.heni

The gallery, which operates 18 locations globally including spaces on London’s Savile Row and in Somerset, emphasized that its UK division represents only “a small element” of its total business. However, the scale of the decline mirrors broader industry data showing a 39% decrease in auction lots selling for over $10 million.nytimes

According to the latest Art Basel and UBS Art Market Report, global art sales fell 12% to $57.5 billion in 2024, marking the second consecutive year of decline following the post-pandemic recovery. While transaction volume increased 3%, driven by growth in lower-priced segments, the high-end market that galleries like Hauser & Wirth depend on has contracted sharply.artbasel