According to a July 4 Financial Times report, Lévy Gorvy Dayan (LGD) will close its Hong Kong outpost after five years of operation.
Citing Rebecca Wei, the blue-chip gallery's head of Asian operations, the report claimed that the lease for LGD's Central location will not be renewed at the end of the year.
"Client behavior has changed," Wei said. "When I started, people wanted to see the specialists and works in person. Since the pandemic, they have got used to long-distance purchasing and now want you to go to them."
Wei, a former Christie's Asia chairman, became a partner at LGD in 2020. Reportedly refocusing its efforts to cater to the demands of the Asian art market, the gallery had reduced its presence in Europe as the COVID restrictions continued.
The FT has mentioned that Wei will continue working closely with the Hong Kong gallery. However, the details of her position have not been finalized.
"We are being realistic about how I should spend my time-which is face-to-face with clients," Wei said.
Cofounder Dominique Lévy told ArtNews about the gallery's future in Asia, saying they are not closing their presence in Hong Kong. She noted that she is closing their current space and adjusting to the shifts in needs of their artists and clients.
Furthermore, she has promised to continue their dynamic partnership with Wei and reaffirm their commitment to artists, including Tu Hongtao, but in an agile and nimble manner that better responds to their artist and client needs.
Along with New York and London locations, LGD's Hong Kong branch features offices, a research center, a library, private viewing rooms, and public exhibition space.
The gallery's Hong Kong schedule featured a presentation of seven new paintings by Derrick Adams in 2022 and "Portraits Go Pop!," a group show that explored the relationship between Pop art and modern portraiture that closed this past Mar. 8.
