According to a report from a Hauser-Worth UK subsidiary, pre-tax profit fell 87% last year Financial TimesThe company said the decline reflects a wider slowdown in the global art market.
Newly submitted accounts reviewed by the UK Revenue Service Financial TimesIn 2024, pre-tax profit fell to $1.6 million from $12.5 million in the previous year, and revenue fell more than half to $91.4 million from $193 million in 2023. The gallery attributes this decline primarily to a sharp drop in secondary market sales, which resells the works of artists it may represent through secondary market sales. The document states that the segment may experience substantial volatility each year, depending on a few high-value transactions.
The gallery represents artists such as Frank Bowling, George Condo and Cindy Sherman, and operates 18 galleries around the world, including New York, Los Angeles, Menorca and Hong Kong, as well as two galleries in the UK, located on London’s Savre Street and Somerset campuses. Hauser & Wirth said the UK entity accounts for only a small part of its overall business, with global results in 2024 “consistent” with the previous year’s “successful results.”
The gallery’s founders Iwan and Manuela Wirth also own the Artfarm Group, a hotel company that runs the Fife Arms hotel in Scotland, the Groucho club in London and several restaurants. Artfarm’s accounts show that pre-tax losses reached $24 million in 2024, compared with $15.8 million in the same period last year, despite a 16% increase in turnover. The group said it is currently in a period of “growth and capital investment” and is expanding its restaurant and bar portfolio internationally.
Gruggo’s license was temporarily revoked in 2024 after police investigated a serious incident at the venue, but authorities did not suggest staff or members.
Hauser-Worth’s financial results were announced as the entire art market shrank. According to the 2025 Art Basel and UBS Art Market Report, global art sales fell 12% to $57.5 billion last year, with auction lots selling more than $10 million plummeting 39%. Major dealers and auction houses have begun to scale down: Pace Gallery closed its Hong Kong space last week, while Almine Rech closed its London gallery.
