Hauser & Wirth and David Zwirner Gallery’s UK locations reported a nearly 90% decline in pre-tax profits. This news coincides with a rumored multiyear art market downturn marked by a global decline in public auction sales and a slew of gallery closures in the US. Hauser & Wirth’s UK pre-tax profit dropped to £1.16 million from £9.3 million in 2023. The same filings show that Hauser & Wirth’s total revenue of £68.3 million was just under half of the £143.9 million in 2023. This revenue decline at its UK subsidiary, the gallery stated in its strategic report, was “due to lower secondary market sales,” referring to resales of work. The news of the galleries’ UK numbers comes amid a reported slowdown in the international commercial art market and climbing costs under President Donald Trump’s global trade tariffs. Read the full story by mayapontone at the link in bio. . . . Window of Hauser & Wirth's gallery, Savile Row, London, UK (photo via Getty Images) #HauserAndWirth #DavidZwir...