UK Gallery Filings Split: Zwirner, Lisson Gain as Hauser & Wirth Slips

The United Kingdom remained the world's second-largest art market by value in 2025, but UK sales have grown just 14 percent since 2009, while the United States market grew 51 percent over the same period. Those figures come from the latest Art Basel & UBS Art Market Report, and they frame a year in which the UK's biggest commercial galleries moved in opposite directions.

This fall, galleries with UK branches filed their annual accounts with Companies House, the UK government agency that maintains records for businesses registered in the country. The filings show turnover — the UK term for revenue — rising at some galleries and falling at others. ARTnews pulled the filings for 10 of these galleries to gauge the health of the trade.

Which galleries grew in 2025?

David Zwirner, Lisson and Sprüth Magers all recorded turnover growth in their UK operations, according to the Companies House filings. These three names anchor the positive side of the 2025 ledger.

Which galleries lost ground?

Hauser & Wirth, Sadie Coles HQ and Pace saw their UK turnover drop. The declines at these established galleries — each a major presence in the London market — offset the gains recorded elsewhere on the list.

What do the numbers say about the market?

The split outcome points to a market without a single direction. As ARTnews reported, "There was no one-size-fits-all story for the UK market in 2025." Some galleries expanded revenue; others contracted.

The long-term comparison sharpens the picture. A 14 percent growth rate since 2009 averages out to well under 1 percent per year for the UK, roughly a third of the pace set by the United States at 51 percent over the same 16-year span.

Why do these filings matter?

Companies House filings are among the few public, audited windows into the finances of commercial galleries, which are privately held and rarely disclose revenue. Ten major galleries with UK branches filed this fall, giving the trade a rare set of comparable figures.

The results divide cleanly:

• Growth: David Zwirner, Lisson, Sprüth Magers
• Decline: Hauser & Wirth, Sadie Coles HQ, Pace

The divergence suggests gallery performance in 2025 depended on individual programmes and sales strategies rather than on a broad market recovery. Whether the UK can close the gap with the United States — still the largest art market by value — will depend on whether the growth names can pull the rest of the sector with them into the next reporting cycle.