NEW YORK — The New York City-based Guggeheim Investments announced Wednesday that it will expand its investments in the arts, bringing its portfolio of assets including art galleries, theaters, and other venues into a broader portfolio of investments.
“Guggenhaus is the world’s premier art and cultural destination, offering a world-class experience that draws people from around the world, for the world,” said Gugeneghus chairman and CEO Christopher T. H. Glaser.
“Our new portfolio of art assets includes art galleries in the U.S., China, and the Middle East.
It includes a theater in Abu Dhabi, and a new space in the New York borough of Brooklyn that will open this fall.”
The expansion comes amid a significant investment by Gugens on art and culture, and comes on the heels of a flurry of recent acquisitions.
Last month, the company purchased the world-famous Boulud Gallery in Paris for a record $1.4 billion, with the hope of creating a museum of French art, and an expansion of its art gallery in New York.
Last week, the New Yorker reported that Gugelstein had made a $2.4 million investment in the art-and-music company The Roxy in partnership with the David Geffen Company.
Earlier this month, Gugen acquired the world renowned Bodega Gallery in New Orleans for a staggering $9.7 billion, and is also expanding its portfolio into the world of theater.
In January, the San Francisco Chronicle reported that the company was purchasing the San Diego Art Museum for $2 billion, bringing the total investment to $4.4 bn.
Glaser said the expanded portfolio of its investments includes a new gallery space in Washington, D.C., as well as an exhibition space at the Metropolitan Museum of Art in New Jersey.
In the past year, Gugs portfolio has grown by more than 60 percent, with investments in theater, opera, and art museums.
The company said the new additions to its portfolio will expand the number of Gug’s art galleries that are part of its portfolio from a total of around 1,000 to around 2,000.
It is the latest in a string of acquisitions by the Gug group that include acquisitions of renowned art galleries and theaters, as well art galleries of the arts.