Simon Lee Gallery enters administration following tax dispute

Simon Lee Gallery is now in joint administration with the enterprise advisory agency BDO LLP in line with a discover positioned yesterday within the window of the gallery’s London house. A restricted firm goes into administration when it’s in debt and can’t pay the cash it owes, ceding management to an insolvency practitioner. The court-ordered administration got here after a petition from Barclays Financial institution; three companions from BDO have been appointed because the joint directors of Simon Lee Gallery Restricted.

This resolution comes after The Artwork Newspaper reported final month that the gallery had been present process a sustained interval of economic problem, together with a Firms Home discover to be dissolved, over a tax dispute. The gallery’s founder Simon Lee stated on the time that the dispute “has now been resolved”, and that he anticipated an insolvency listening to—initially scheduled for at this time—to be dismissed.

Matthew Tait, one of many three BDO to be appointed as joint directors, says in a press release to The Artwork Newspaper: “The joint directors are working swiftly to evaluate the obtainable choices for the corporate with a view to attaining the perfect consequence for collectors as a complete, in keeping with their duties. Within the fast time period, our focus is to safeguard the corporate’s belongings, together with works held on consignment. We respect that represented artists, and collectors extra usually, may have considerations and we’re within the means of collating and confirming related info.”

It isn’t but identified if the gallery will stay open to the general public throughout the administration course of; below UK legislation, firms can proceed buying and selling whereas below administration.

Simon Lee was based in 2002 in London. The gallery opened a second location in Hong Kong in 2012, and a 3rd in New York in 2017. The New York house ceased operations in 2020.

The gallery counts some 40 artists on its roster, together with the market heavyweights George Condominium and Christopher Wool. Lately Simon Lee noticed the departure of one in every of its most high-profile artists, Sonia Boyce, simply two years after she signed.

A consultant from Simon Lee couldn’t be reached by time of publication.