Contemporary and Modern Art Gallery - Well established and highly reputable art gallery located in a prime location on Madison Avenue. This gallery has a core group of artists that it represents to the NYC market and beyond. The business is staffed by one full time and one part time trained commissioned sales personnel that run the day to day sales aspects of the gallery. A full time gallery manager handles the business aspect allowing the owner to focus on the buy/sell side of the secondary market art handled by the gallery. The contemporary works are on consignment from the contracted artists. The gallery is open 7 days a week with normal business hours.
At present the owner is operating the gallery as a semi-absentee owner as age and other interests absorb most of his time. At present the owner is holding approximately $2.5 Million in art at Retail Value – with a Wholesale value of about $1.4M. The Gallery has a confidential list of over 4,000 clients that have visited the gallery in person (included in the sale). The average selling price of the art work ranges from about $10,000 to $30,000. This is the base of operations. Exceptional pieces with values of $350,000 and over are sold on a regular basis. Current Owners inventory is available for $1.4 Million in addition to the asking price of the gallery. An itemized inventory list is available and all or part can be included or excluded in the deal. Turnkey Price of $895,000 includes: Facility, Staff, Computers, Consigned Inventory, etc. - and an assignable 7 year lease at below current market rates for this AAA Madison Avenue location. The Gallery’s inventory of secondary market masters is also available selectively or in its entirety at the buyer's discretion.
Facilities: The gallery consists of two separate leased units. A street level gallery on the ground floor and a second floor showroom and Office/Apartment that serves as an office and storage facility for a combined Square Footage of approximately 1200 square feet. Current lease is assignable for 7 more years at below current market rates. Lease build out is estimated at $300,000 plusGrowth & Expansion: Opportunity exists to expand the business via addition of inventory, new artists, buying, selling and trading art. The present owner has reduced his involvement in this activity and this has resulted in sales dropping from over $2.0M to current levels. Reason for Selling: Retirement
Asking Price $595,000
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