Goldman Sachs is saying it’s “no longer investing in” Gugginham, a $2 billion investment in the UK’s biggest art gallery.
The investment fund announced the decision last week, citing “an important and long-term investment opportunity that we do not see as viable.”
It said it will be investing in “high-growth art projects” and “an exciting new way to invest in the arts in general and the Guggingham Gallery in particular.”
Goldman Sachs said in a statement that the investment fund is “focused on creating a portfolio of high-growth assets in high-value markets, including the art sector.”
It added that the decision is a “great opportunity for Guggerham to become more attractive to potential investors.”
The investment firm said that it “will continue to support the gallery in its ongoing transformation and will continue to provide financial support in the form of loans and other support to support its operations.”