Venerable furniture dealership Mallett have been without a London home since July when it left its Dover Street premises in Mayfair.
The new address sees TFAAG (part of the Stanley Gibbons Group since 2013) join a cluster of galleries that have chosen the St James’s street – better known for its members’ clubs – as their new address. Alan Cristea, Philip Mould and Panter & Hall all now trade from Pall Mall.
TFAAG has agreed a 15-year lease for three floors at 16-17 Pall Mall (previously the home of yacht brokerage firm Burgess) which is due to open this autumn after a refurbishment. Chairman George Bailey told ATG: “The building allows for independent gallery space for Mallett alongside a central London hub for Dreweatts and Bloomsbury Auctions.”
Previously based on Bond Street, Mallett moved to the grand surroundings of Ely House, the former London home of the bishops of Ely, in Dover Street in 2012. However, following difficult trading conditions and high-profile staff departures, the lease was sold to contemporary art business Galerie Thaddaeus Ropac earlier this year. Mallett (bought by Gibbons for £8.6m in 2014) has continued to trade at fairs.
Formerly of Sotheby’s and co-owner of online platform The Auction Room, Bailey took over as chairman a year ago following the departure of Stephan Ludwig (now of Forum Auctions).
Moving from Dover Street will significantly reduce outgoings. Dover Street has become a fashionable outpost for designers and rents have soared to more than £100 a square foot. Rents in less retail-focused Pall Mall are closer to £70-80 a square foot.
Dreweatts and Bloomsbury Auctions say they will keep both their current London premises in Maddox Street and Donnington Priory near Newbury.
The Pall Mall building was let by Mellersh & Harding and Levy Real Estate is thought to have advised TFAAG.