Georgina Adam flags the growing ownership of London’s Mallett by Peter Gyllenhammar who now owns 23% of the loss-making but long-lived dealers. In the process, she reveals how much the art trade has shifted from a retail business to one driven by introductions and art fairs:

Mallett occupies a splendid building in Bond Street opposite Sotheby’s, but, says Hutchinson Smith, “rents are only going in one direction” and the firm is looking for new premises. “The way business is done has changed,” he adds. “‘Passing trade’ died a decade ago and now we work mainly privately or through fairs.”

The Art Market: 92 Lots and a Flop (Financial Times)