UK Gallery Accounts 2025: A Split Picture Across Ten Dealers

The accounts filed this autumn by galleries with UK branches tell a market story without a single plot. ARTnews compared the 2025 Companies House filings of ten dealers, and the results divide cleanly between those whose turnover grew and those whose fell. The wider backdrop is sobering: the UK remains the world's second-largest art market by value, per the latest Art Basel & UBS Art Market Report, but since 2009 UK sales have grown just 14 percent against 51 percent in the United States.

The decliners

Pace posted a $5.6 million loss in 2025 across The Pace Gallery Limited, the London-registered company that operates its London space and owns subsidiaries in Hong Kong, Beijing, Seoul, Geneva and Berlin. Turnover slipped 2.6 percent from $67.7 million to $65.9 million, cost of sales rose 12 percent, and year-end cash fell to $11.1 million from $24.1 million in 2024. CEO Marc Glimcher said the gallery is "all off the bottom" and cited a record Art Basel Paris in October without specifics.

Hauser & Wirth's turnover fell 13.1 percent from $90.82 million to $78.93 million, yet the company stayed profitable, with profit up 51 percent to £403,318. The filing notes the UK was "a small element" of the 2025 programme: nine exhibitions and two fairs there against 58 exhibitions and 13 fairs worldwide. The gallery sold about $3.36 million at Frieze London. A spokesperson stressed that UK results do not reflect the global business.

Pilar Corrias saw turnover fall 42.7 percent to $14.75 million, citing supply chain issues, market volatility, digital security, shipping, debt recoverability and currency fluctuations. Sadie Coles HQ turnover fell 10 percent to $34.63 million while pre-tax profit rose 57.2 percent to £628,401.

The risers

David Zwirner's turnover rose 56 percent to $77.51 million, which the gallery attributed to increased art fair sales and revenue recognition timing. Its Frieze London results were led by a Chris Ofili painting at $700,000.

Lisson's parent, Art Holding Co. Limited, reported turnover up 9 percent to $130 million (£97 million). A spokesperson said global gross profit rose six percent year-on-year and losses largely reflected non-trading foreign exchange movements.

Sprüth Magers returned sharply to profitability with pre-tax profit of £1.36 million after a £1.75 million loss in 2024, turnover up 66.2 percent to $24.77 million.

Goodman Gallery lifted UK turnover 7 percent to $47.3 million and pre-tax profit 60.8 percent to £4.75 million. Owner Liza Essers cited the gallery's 60th anniversary and a William Kentridge show, with films at $485,000 and works on paper from $250,000 to $850,000.

The filings show divergence rather than a uniform contraction: several dealers grew turnover while others absorbed double-digit declines, and profitability did not always follow revenue.

Timothy Taylor rose 3.7 percent to $23 million. Thaddaeus Ropac fell 4.9 percent to $46.58 million with pre-tax profit down 7.3 percent, while UK staff grew from 23 to 25 and the founder renewed the Dover Street lease for another decade.

Read together, the accounts describe a trade managing volatility gallery by gallery, with fair timing and high-value transactions weighing heavily on any single year.