Katya Kazakina reports on a high profile gallery closing in London:

Art dealer Yvon Lambert, who runs galleries in Paris, New York and London, will shut down his U.K. branch at the end of this month. It’s the first major gallery to close in London as the global art market slows.

“In this period of tightening of the market what you want is to consolidate what is crucial for you,” said Olivier Belot, general director at Yvon Lambert. “Paris and New York are the two crucial centers for the gallery.” [ . . . ]

“If people are buying art they are probably doing it from someone they already know,” said Suki Larson, a London-based consultant for art galleries, luxury brands and design firms. “In the luxury sector, people are sticking to what they know and what represents in their mind secure value.”

Yvon Lambert, Newcomer to London, Closes Hoxton Square Gallery (Bloomberg)