London's biggest commercial galleries filed their annual accounts with Companies House this autumn, and the picture for 2025 is split down the middle. ARTnews examined the filings of ten galleries with British operations and found sharp gains at some houses, steep falls at others, and no single direction overall. The United Kingdom remains the world's second-largest art market by value, according to the Art Basel and UBS Art Market Report, yet British sales have risen only 14 percent since 2009, against 51 percent growth in the United States.

David Zwirner posted the standout gain, with turnover rising 56 percent to $77.51 million, which the gallery linked to stronger fair sales and the timing of revenue recognition. Lisson Group turnover rose 9 percent to $130 million, while Spruth Magers swung back to a pre-tax profit of $1.83 million after a $2.34 million loss, with turnover up 66 percent to $24.77 million. Goodman Gallery's British turnover grew 7 percent to $47.3 million and its pre-tax profit jumped nearly 61 percent to $6.37 million, helped by its 60th anniversary year and a strong William Kentridge show in London.

The falls were led by Pace, whose London-registered international business lost $5.6 million in 2025 as turnover slipped 2.6 percent to $65.9 million and cash fell to $11.1 million, down from $34.8 million two years earlier. Hauser & Wirth saw turnover fall 13.1 percent to $78.93 million but stayed profitable, with profit up 51 percent. Pilar Corrias suffered the sharpest fall, with turnover down 42.7 percent to $14.75 million, while Sadie Coles HQ's turnover dropped 10 percent to $34.63 million even as its pre-tax profit rose 57 percent to about $843,000.

Thaddaeus Ropac's turnover eased 4.9 percent to $46.58 million and Timothy Taylor's rose 3.7 percent to $23 million. Pace chief executive Marc Glimcher told ARTnews the gallery had turned a corner, pointing to a record showing at Art Basel Paris in October, though he gave no figures. The filings cover only the galleries' British-registered companies, which in several cases also hold European and Asian subsidiaries, so they give only a partial view.