2008-09 art market contraction
The financial crisis slashed collector spending and auction totals. Many galleries across the US closed as sales dropped and rents stayed fixed.
Dealer bankruptcies and closures; surviving galleries cut costs and retooled.
Many galleries diversified into design objects, editions, and online sales — a model Hollis now uses.
SF's post-2025 gallery closures echo that downturn; selling design alongside art is a known survival play.
