Larry Gagosian, the mega art dealer to the world’s wealthy elite, got an early PPP loan for up to $5 million.
He has 18 galleries worldwide, and usually clears around $1 billion in sales each year. His clients are a who’s who of Hollywood, the jet set and Wall Street elite including Leonardo DiCaprio, David Geffen and billionaire Steve Cohen.
Yet on April 9, Gagosian, based on Madison Avenue, got a $2 million to $5 million PPP (Paycheck Protection Program, designed to help small businesses) loan, via JP Morgan, according to data released on the SBA website. He states he has retained 203 employee jobs. He has also successfully set up an online art sales operation.
Having shuttered his galleries across the globe from Hong Kong to Los Angeles, with some now reopened, Gagosian, 75, has been quarantining at his estate in the Hamptons in an 11,000-square-foot Amagansett house, titled Toad Hall, a modernist masterpiece designed by architect Charles Gwathmey. He is said to have a net worth of $600 million.