Stephen Friedman Gallery, located in London, has reported a staggering debt of approximately $10.6 million, as documented in official filings. Among the creditors are notable figures, including artists Deborah Roberts and Kehinde Wiley, alongside a bank, real estate owners, and an art logistics company. This financial situation was revealed in a filing by the gallery's administrators at Companies House, as noted in reports.
To address the financial challenges following the gallery's closure in February, a proposal was put forth by FRP Advisory, which was approved in late April. The largest debts include £3.2 million ($4.3 million) owed to Coutts & Co. bank and £1.4 million ($1.9 million) to Pentland Group Ltd., which is known for owning the sports brand Speedo and holding a significant stake in JD Sports. Interestingly, Alison Mosheim, a director of Pentland, holds a 50% stake in the gallery.
The gallery also owes £550,000 ($750,813) to the UK's tax authority and £505,114 ($689,531) to the Pollen Estate, which leased its Cork Street space. Additionally, art logistics company Crozier is owed around £256,740 ($350,400).
Prominent artists are among those awaiting payment, with Alexander Diop owed £341,905 ($466,663), Deborah Roberts £289,232 ($394,718), and Kehinde Wiley £163,849 ($223,456). A New York law firm, Clarick Gueron Reisbaum, is also owed £165,004 ($225,031). Smaller amounts are due to art fairs such as Frieze and Art Basel.
Friedman's troubles became apparent when he closed his New York gallery after just two years in November. Shortly after, he shut down his London location and entered insolvency proceedings, coinciding with the gallery's withdrawal from a prestigious spot at Art Basel Qatar.
Despite the setbacks, the gallery employed 27 individuals in the UK and five in the US, all of whom are expected to receive their owed salaries totaling around £39,000 (approximately $53,000).
