Mayfair lures a wave of US investment in art galleries

Larry Gagosian, one of the world’s most-influential art dealers, has helped spearhead a wave of American investment in Mayfair galleries, new research has shown.

Of eight overseas galleries opening in London since 2011, six are from the US, most of which have headed to affluent Mayfair, according to property agent Savills.

The Gagosian gallery, which has exhibited works by sculptor Henry Moore, opened at the agent’s former Grosvenor Hill headquarters in October.

David Zwirner and Michael Werner are among those that have also moved here. They are joined by entrants from France and Switzerland — Almine Rech on Savile Row and Dominique Levy on Old Bond Street.

The UK’s art market grew 17% in 2014 to €11.2 billion (£8.26 billion) according to the European Fine Art Foundation.

But Mayfair — an area which is best-known for selling designer shoes and handbags — is a specific target for investors said Oliver Green, Savills central London retail director.

He explained that gallery owners like the “global luxury status of the area and the attraction to wealthy visitors”, adding: “London is a gateway to other European markets.”