New York’s Middle Class Galleries Are Being Squeezed Out

“So where does that leave the middle class, those galleries in Chelsea and on the Lower East Side that have been around long enough to be somewhat established, but still have to sell enough to make rent? Now, they have to deal with a perfect storm of gallery-killing factors: a market cooling from top to bottom, plummeting prices for onetime hit artists who minted money for mid-tier galleries just two years ago, the chokehold of fair booth prices, skyrocketing rents in neighborhoods where buying a building is unthinkable.”