NY Gallery World Faces Contraction

“Aside from slashing prices or deepening discounts, art dealers across the city have been coping not just by laying off employees but by dropping artists with poor sales records, creating partnerships with other galleries and reaching out in desperation to tried-and-true customers, many of whom were priced out of the market during its peak. Still, with the exception of several blue-chip galleries who show well-known artists, foot traffic in Chelsea and other gallery precincts has thinned markedly where crowds jostled just a year ago.”