London's Herald St gallery, known for its two-decade history of supporting artists like Nicole Wermers and Pablo Bronstein, is set to open a new location in Bologna, Italy. This strategic expansion marks a significant move for the gallery, which has cultivated strong ties in the Italian city over several years.
Key Takeaways
- Herald St, a London-based gallery, will open a new space in Bologna, Italy, early next year.
- Bologna offers a unique appeal with its strong local collector base and institutional support, despite not being a traditional art market hub.
- The expansion reflects a sustainable business strategy, leveraging lower operational costs in Italy and recent VAT reductions on art.
- The new gallery will feature three exhibition rooms and open with a show by abstract painter Matt Connors.
Strategic Move to Italy's Cultural Heart
Bologna, the capital of Emilia-Romagna, is widely recognized for its rich culinary heritage and the world's oldest continuously operating university. While not traditionally a global art market hotspot, its cultural depth and strategic location have attracted Herald St.
Nicky Verber, co-founder of Herald St, highlighted the city's appeal. "People love travelling to Bologna and it is well connected to the bigger cities of Venice, Milan and Florence," Verber explained. This connectivity is crucial for attracting both new and existing clients.
Bologna's Art Scene
Bologna hosts institutions like Mambo (Museo d'Arte Moderna di Bologna) and galleries such as P420, contributing to a vibrant local art environment.
Building Local Connections and Collector Base
Herald St has not made this decision lightly. The gallery has been steadily building its presence and relationships in Bologna for several years. This includes staging a group exhibition in 2020 and signing Bologna-based artist Francis Offman in 2021.
The gallery has also actively participated in Arte Fiera, Italy’s oldest fair for modern and contemporary art. Verber noted that this fair allows for "thoughtful, slower conversations with collectors from smaller cities nearby like Modena and Ravenna, in a way that Frieze and Basel fairs do not." This approach helps cultivate deeper relationships with art enthusiasts.
"Many of our European collectors expressed great enthusiasm about travelling to the city to see exhibitions." - Nicky Verber, Co-founder, Herald St
Before finalizing their plans, Verber and his business partner Ash L’Ange consulted with their clients. The feedback regarding the Bologna expansion was overwhelmingly positive. This client enthusiasm underscores the potential for a successful venture in the Italian city.
A Sustainable Growth Strategy in a Changing Market
The art market has faced increasing challenges, particularly for mid-sized galleries. Many have struggled with overly ambitious expansion plans. Herald St's move to Bologna reflects a more cautious and sustainable approach to business growth.
Verber acknowledged the current environment: "The art world is less playful than when we began and the financial barriers for entry are much higher." However, he emphasized that "every gallery's story, and success, is unique."
Economic Advantages in Italy
Opening a gallery in Bologna presents a different economic landscape compared to London. The operational costs are significantly lower, providing a more financially comfortable context for business operations.
Italy's recent reduction of its VAT rates on art to 5% earlier this year also provides a favorable climate. While plans for the Bologna space were already underway before this tax change, Verber stated it "certainly doesn't hurt" the prospects. He anticipates that more international galleries will consider opening in Italy in the coming years due to these incentives.
The New Bologna Space: Details and Opening Show
The new Herald St gallery will be located in the historical heart of Bologna’s medieval center. The space will feature three dedicated exhibition rooms, offering ample space to showcase diverse artistic works. This new location joins Herald St's two existing London spaces: the original on Herald Street in Bethnal Green and another in Bloomsbury, which opened in 2017.
The inaugural exhibition in Bologna will feature the abstract painter Matt Connors. Initially, the Bologna gallery will host fewer shows than its London counterparts, with plans for three or four exhibitions annually, compared to five or six in London. This measured approach allows the gallery to integrate smoothly into the local art scene and build its reputation.
The Bloomsbury location, opened before the pandemic, notably preceded a wave of commercial galleries establishing themselves nearby, including Union Pacific, Hot Wheels, and A.Squire. This demonstrates Herald St's foresight in identifying promising locations for expansion.