The New York Times covers the closing announcement of the flailing Knoedler Gallery owned by the Hammer Foundation:

Although the gallery’s history is long and expansive, its statement Wednesday evening about closing was short and sudden: “It is with profound regret that the owners of Knoedler Gallery announce its closing, effective today. This was a business decision made after careful consideration over the course of an extended period of time. Gallery staff will assist with an orderly winding down of Knoedler Gallery.”

Nothing was said about what will happen to one of Knoedler’s most valuable properties: an enormous library that includes letters, photographs, sale records, stock books and catalogs going back to 1863.

A Gallery That Helped Create the American Art World Closes Shop After 165 Years (ArtsBeat/New York Times)