Simon Lee gallery’s £10m debt revealed in insolvency report
about 3 months ago (02/12/2024)
Simon Lee gallery’s £10m debt revealed in insolvency report Art market Museums & heritage Exhibitions Books Podcasts Columns Technology Adventures with Van Gogh Search Search Art market news Simon Lee gallery’s £10m debt revealed in insolvency report Records show the London gallery owes artists more than £1m—while US dealer Stefan Simchowitz demands return of consigned works Kabir Jhala 12 February 2024 Share Administrators BDO determined that Simon Lee Gallery has 153 creditors, from individuals to companies Courtesy of Simon Lee Gallery and London Gallery Weekend A proposal prepared by the insolvency practitioners managing the administration of Simon Lee gallery (SLG) reveals a fuller picture of the business’s debt while prompting further questions around its past dealings. BDO LLP’s 44-page report, issued 5 September 2023 and obtained by The Art Newspaper , charts how leverage and changing market conditions left the long-profitable dealer owing an estimated £10m to 153 creditors. For 17 years from its November 2001 founding, the report finds, SLG posted a net profit that remained “largely consistent” at between 1% and 3% of annual turnover.