Perrotin and Colony Investment Management (Colony IM) have begun negotiations with a view to the capital firm acquiring a 60 percent majority stake in the Gallery. Under the proposed agreement, gallery founder and Chair Emmanuel Perrotin will retain a 40 percent stake and ‘will remain fully committed’ to its operation.
Founded in Paris in 1990, Perrotin now counts 11 gallery addresses in seven cities – having recently opened in Gangnam, Korea, they are set to open in Dubai later this year – and represents artists including Takashi Murakami, Daniel Arsham and Sophie Calle. Colony IM, based in Paris, also has offices in London, Luxembourg and Rome.
‘This pioneering alliance between an investment company and an art gallery,’ a joining statement outlined, ‘will combine Perrotin’s passion for supporting both established and emerging artists with complementary corporate infrastructure and support to facilitate Perrotin’s long term growth plans and vision.’
Emmanuel Perrotin, added: ‘The association we are announcing today is the culmination of more than 30 years’ work by a loyal and committed team in the service of extraordinary artists who have grown up with the gallery. I am convinced that Colony IM is the ideal partner to accompany us in a new stage of this collective adventure, to which I remain more committed than ever. This new impetus will enable us to further strengthen our existing expertise and develop new ones.’
Completion of the transaction, the joint statement outlines, will complete ‘in the second half of the year… subject to the usual conditions’.
