Colony IM Enters Exclusive Negotiations to Acquire Majority Stake in Perrotin Galleries

Rhonda Richford
·2 min read
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PARIS — Perrotin, the contemporary gallery that features artists including Takashi Murakami, Maurizio Cattelan, Sophie Calle, Pierre Soulages and JR, has entered into exclusive negotiations with Colony Investment Management to sell a majority stake in the company.

The real estate and private equity investment firm, headed by Nadra Moussalem, would take a 60 percent stake in the Perrotin galleries, with founder Emmanuel Perrotin staying on and retaining 40 percent of the capital, the companies said in a joint statement.

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Terms of the deal were not disclosed. It is expected to be completed in the second half of 2023.

Perrotin has two outposts in the French capital — one in the hip Marais and the other on the tony Avenue Matignon, for nearly 32,300-square-feet of exhibition space.

Colony IM has previously invested in other prime Paris landmark lifestyle locations, including the luxury hotel Le Molitor. The company manages 3 billion euros of assets.

It’s the first time the company has invested in an art gallery, intended to combine Perrotin’s passion for supporting artists with corporate infrastructure with an eye toward long-term growth.

Outside of Paris, Perrotin operates galleries in New York, Hong Kong, Tokyo, Seoul, Shanghai and Dubai. An outpost in Los Angeles is slated to open this fall.

In addition to representing major artists, the gallery has expanded into retail sales of prints, books and additional products, and recently started working in the secondary art market space. It had $151 million in sales in 2022.

“Emmanuel Perrotin and his team have developed an exceptional gallery business over the past 30 years with a presence across three continents, representing a range of remarkable artists. The partnership we are considering today with Perrotin is the result of a shared vision with Emmanuel Perrotin, aimed at long-term growth and expansion of the business. We are convinced that contemporary art represents a highly promising asset class for the future, Moussalem said.

“We are always exploring new investment sectors and thrive on helping companies to achieve their full potential,” he added of moving into the new sector.

“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,” Perrotin said.

The injection of capital would increase Perrotin’s ability to expand in new cities, with London, Zurich and Instabul among the potential locations, as well as additional acquisitions of other galleries.

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