Katya Kazakina does some sleuthing on Bloomberg to estimate the price of the new Sperone Westwater gallery just finishing up construction by the New Museum on the Bowery. After talking to construction experts and sifting through New York City filings, she estimates the building cost $20 million, half of that offset by the sale of Sperone Westwater’s previous space in the Meatpacking District:
To an area where emerging-art galleries occupy storefronts and cramped walk-up spaces, Sperone Westwater will bring an eight-story sliver designed by Sir Norman Foster with laminated- glass facade, three floors of gallery space and a display room that moves from floor to floor. The price tag could be north of $20 million.
The 20,000-square-foot building, which showcases a blue- chip program led by Lucio Fontana and Bruce Nauman, will add some serious commercial bling to the scruffy emerging-art galleries clustered around the New Museum.
“There’s no gallery of that caliber in the area,” said Laura Solomon, New York art adviser. “Rather than being one of many strong galleries in West Chelsea, they want to be a big fish in a small pond.”
Norman Foster Gallery Bets Millions on Scruffy N.Y. Art Scene (Bloomberg)