Billionaire Chandler Invests $4 Million for Mom's New York Art Gallery
Ana Tzarev, a happy artist, she's taking on her own hands the business of art.
Billionaire investor Richard Chandler is helping his mother’s work find exposure in Manhattan by spending up to four million dollars on a fourteen-thousand-square-foot gallery to sell her paintings. According to Lindsay Pollock of Bloomberg, Chandler considers the two-story gallery, set to open this fall, an investment, not a gift. “I have provided a loan,” he said. “I anticipate being repaid in the fullness of time.” Chandler's mother, self-taught artist Ana Tzarev, signed a ten-year lease for the space at Twenty-four West Fifty-seventh Street, with an approximate annual rent of $2 million and renovation costs between $3.5 million and $4 million, according to a broker familiar with the project.
Tzarev's name will be on the facade of the building, joining other prestigious galleries on the street, including Marian Goodman and Ameringer & Yohe Fine Art.