Fay Gold shuts down Atlanta’s 2nd largest art gallery

by Sundeep Kothari

Atlanta Georgia Bankruptcy Attorney

Fay Gold shuts down her famed art gallery

From the article:

Fay Gold, a legend in the city’s art community, is closing her gallery because the economy has grown about as dark as one of Francisco de Goya’s paintings.

Gold, whose gallery was established in 1980 and who has represented famous American artists including Jean-Michel Basquiat, said her sales volume dropped too low to meet her operating costs.

Overhead at Atlanta’s second-largest art gallery was at least $40,000 a month. Sales, which once averaged at least $2.5 million a year, have dropped to $700,000.

Gold began seeing trouble ahead as early as last year. She took steps to cut costs, including letting people go and eliminating the gallery’s catalog, which had been a part of her business for years.

But, the cutbacks weren’t enough.

“My bookkeeper finally sat me down and said, ‘You’re just getting into a black hole with this — you’re bleeding money,’ ” Gold said. “ ‘You’re going to have to close.’ ”

The revelation is not only a blow to Atlanta’s art scene, in which Gold is a luminary. It also suggested many smaller Atlanta art galleries may be facing similar financial problems in an economy that has put he clamps on consumer confidence and discretionary spending.