101/Exhibit, Primary Projects to Leave the Design District
101/Exhibit, one of the premier contemporary art galleries in the Design District, has relocated its headquarters to Los Angeles and will be reducing its presence in Miami in the immediate future says Sloan Schaffer, the owner.
via Facebook The recently sold 101/Exhibit building.
The 4,958 square-foot corner building at NE 1st Avenue and 40th Street that housed 101/Exhibit recently sold for $10.5 million--a whopping $,2117 per square-foot--setting a record in the area.
It's just another sign that the Design District, once a haven for the arts and creative types in South Florida, has reached the tipping point in its devolvement into a luxury brand ghetto, as the few remaining art galleries are priced out of the nabe.
Shaffer, who says he will maintain a Miami profile with a smaller space--open by appointment only and located west of the Design District--hopes to continue benefiting from the presence of Art Basel and a local collector base.
"Miami has been great for us, but we are changing our strategy to focus on Los Angeles and are also planning to open two spaces in New York in 2014," says Shaffer, who adds that he is working on new galleries in Long Island and Manhattan.
He also says he is exploring the possibility of launching a fully operational gallery in downtown Miami in the future.
"We want to maintain a high profile during Basel and the art fair season, and will be keeping an eye on what's shaking out in downtown Miami with the opening of the new Perez Art Museum and other major players relocating to the area and are interested to see what happens there."