The renowned Blum gallery, a powerhouse in the art world for three decades, has announced its closure. Founded by Tim Blum and Jeff Poe in 1994, the Santa Monica-based gallery represented prominent artists globally, including Yoshitomo Nara and Mark Grotjahn.
Blum’s success stemmed from spotting emerging talent and navigating market fluctuations. The gallery’s impressive roster commanded prices exceeding $10 million, with some works selling for millions.
The global art market experienced a 10% drop in sales in 2025, according to Art Basel and UBS data. This downturn had a ripple effect across the industry, leaving many galleries struggling financially.
As collectors and institutions become more cautious about investing in high-end art, galleries must adapt to survive. This may involve exploring new business models, diversifying offerings, and focusing on emerging artists.
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