London Dealer Stephen Friedman Owes $10.6 M. to Dozens of Creditors, Including Artists Deborah Roberts and Kehinde Wiley
Official filings show the London- and New York-based Stephen Friedman gallery owes about $10.6 million to dozens of creditors following its closure and insolvency proceedings. Administrators’ documents filed on Companies House state that a proposal submitted by FRP Advisory on March 30 was approved on April 22, after the gallery closed in February. Major debts include £3.2 million ($4.3 million) owed to Coutts & Co., £1.4 million ($1.9 million) to Pentland Group Ltd. (whose director Alison Mosheim owns 50% of the gallery), and about £550,000 ($750,813) to the UK tax authority; additional creditors include the Pollen Estate (£505,114 / $689,531) and Crozier (£256,740 / $350,400). Artists owed money include Alexander Diop (£341,905 / $466,663), Deborah Roberts (£289,232 / $394,718), and Kehinde Wiley (£163,849 / $223,456), and the filing also lists debts to art fairs such as Frieze and Art Basel; the gallery’s 27 UK and five US employees are owed about £39,000 (around $53,000) and are expected to be paid in full.
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This story was covered in Biennial Meltdown, Market Myths, and Museum Scandals