Most art galleries are situated in close proximity to wealthy clientele, rather than in low-rent neighborhoods favored by artists, a four-year study by the USC Lusk Center for Real Estate has found. While some might say, “Duh!” one of the study’s authors, Jenny Schuetz, said the findings “counter the common and somewhat romantic perception that galleries locate in gritty artist communities.”
Retail specialist Steve Rappaport is skeptical, telling Real Estate Weekly that in 40 years of observing change in Manhattan, he’s seen the same pattern over and over again:
“First antique and craft-type furniture business, followed by galleries, followed by small retail followed by galleries, followed by clubs, followed by restaurants and then followed by more established retail. As retail takes hold and rents increase, the pioneers are eventually forced out.” Source: rew-online.com.