Addis Fine Art will close its Eastcastle Street Location in London after 3 years in operation. As a leading African contemporary art gallery–which focuses on artists from Ethiopia, the Horn of Africa, and its diasporas–Addis Fine Art developed an international programme through its London gallery space, and was one of the city's few Black and African-owned art galleries.
Co-Founder Rabek Sile expressed, " As we announce the closure of our London space, we take this opportunity to reflect on three wonderful years on Eastcastle Street. From our first exhibition with Nirit Takele, to our last with Amel Bashier we have embodied the ethos of Addis Fine Art to connect artists from the Horn of Africa to the world. Thank you to all our visitors and supporters for making the space feel like home. We are so excited for what is to come with the gallery with more exhibitions across the globe, more collaborations and an exciting programme."
The gallery will continue participating in two London-based joint exhibitions this September, including a presentation of Tadesse Mesfin at Vigo Gallery, as well as a group exhibition at John Martin Gallery. The Gallery will participate in London’s 1-54 fair this October.
A majority of these gallery closures are due to the global economic downturn which has had significant effect to Art Market sales and specifically, gallery operations. According to Artsy's Art Trends Report "Nearly half of galleries implemented cost-cutting measures to increase profitability". This reality is had a major effect across the international art market as mid to small sized galleries are looking for alternatives to stay afloat.
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