Mega art dealer Larry Gagosian received a PPP loan for up to $5M

Mega art dealer Larry Gagosian received a PPP loan for up to $5M

Larry Gagosian, the mega art dealer to the world’s wealthy elite, got an early PPP loan for up to $5 million.

He has 18 galleries worldwide, and usually clears around $1 billion in sales each year. His clients are a who’s who of Hollywood, the jet set and Wall Street elite including Leonardo DiCaprio, David Geffen and billionaire Steve Cohen.

Yet on April 9, Gagosian, based on Madison Avenue, got a $2 million to $5 million PPP (Paycheck Protection Program, designed to help small businesses) loan, via JP Morgan, according to data released on the SBA website. He states he has retained 203 employee jobs. He has also successfully set up an online art sales operation.

Having shuttered his galleries across the globe from Hong Kong to Los Angeles, with some now reopened, Gagosian, 75, has been quarantining at his estate in the Hamptons in an 11,000-square-foot Amagansett house, titled Toad Hall, a modernist masterpiece designed by architect Charles Gwathmey. He is said to have a net worth of $600 million.

He told Bloomberg in May that the gallery had furloughed part-timers and paid interns, but more tough decisions may be made. “You want to keep your business healthy,” he said. “You are stupid if you just pretend that nothing is going on.” He added, “Buying art is not a priority even for active collectors,” he said. “They have other concerns now.”

Mick Jagger, Ghislaine Maxwell and Larry Gagosian
Mick Jagger, Ghislaine Maxwell and Larry GagosianPatrick McMullan via Getty Image

The biggest challenge is getting the art to the customer, Gagosian said. “It’s very difficult to even move a painting, to get a truck, to get someone to do a condition report. All the things the art world takes for granted have become very problematic.” However, online sales have been brisk.

Gagosian represents stars such as Urs Fischer, Takashi Murakami, Damien Hirst, Richard Prince and Jeff Koons and handles works from late artists including Basquiat, Francis Bacon, Willem de Kooning and Cy Twombly. His clients include billionaires Steve Cohen, Leonard Lauder, Leon Black, Steve Schwarzman, DiCaprio and Geffen, who calls him “the most important dealer in the world.”

Gagosian’s art shows and private dinners are always starry events. In May, Adrien Brody, Diane von Furstenberg and Steve Martin were guests at Gagosian’s private dinner at Beverly Hills hot-spot Mr Chow, in celebration of the Andreas Gursky exhibition at the expanded Beverly Hills location of the Gagosian Gallery. Gagosian artfully dubbed it, “The Last Supper.”

A Gagosian rep did not get back to us.

Source : Emily Smith Link

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