The latest gallery to bite the recession bullet is Charles Cowles Gallery. Cowles will close up shop in Chelsea before the end of the month; after 30 years in the business, he was ready to retire, he told the New York Times, and the recession sealed the deal. "It's shocking how bad business has been," he said.

Last week, another Chelsea space, Bellwether Gallery, announced its closure, and a host of New York galleries will also reportedly be closed for the summer, many of them looking to relocate to cheaper quarters.

Read more at the New York Times.