Well Established Art Gallery Opportunity

Business Opportunity for Sale
Catylist Listing ID: 30701340
Property Subtypes: Retail Stores
Building Size (RSF): See Agent
Sale Price: $350,000
Name of Establishment: The Gallery Of Fine Art
Business Website Address: https://galleryoffineartnc.com
Year Business Established: 1997
Gross Revenue: $0 (Annual)
Cash Flow: $0 (Annual)
Sale Terms: Qualified Buyer Certified Check to Seller at Sales Closing
Last Updated: 3/29/2021

Overview / Comments

Momentum Companies, Inc. is pleased represent the owners Michael and Cynthia of The Gallery Of Fine Art in the offered opportunity to acquire their gallery. The Gallery Of Fine Art is well known in the local, regional and national art community. Due to the vast selection of American artists they have associated with over the past 20 years in Wilmington, their reputation and client book is invaluable. A new owner can expect to step in seamlessly.

They are still one of only 39 gallery owners representing 99 locations worldwide to represent the genius of Dr. Seuss himself with an exclusive to sell his vast work in the Carolinas. Maintaining the Seuss representation status is an option for any interested buyer, however, it will affect the ultimate price of the inventory purchased. Owner's are totally flexible to the amount of Seuss pieces to be sold. The representation of Seuss art is a good income generator.

In addition, the gallery has a regional exclusive with the famous aquatic painter and sculptor, Wyland, who is known for over his work titled 100 Whaling Walls around the globe. With over 100 other artists in many media, their art draws interest from a multitude of patrons. They offer hand made art for gifts and home with pricing to fit anyone’s budget. From large visual paintings to the hand-blown glass ornaments each provide an important revenue stream contributing to the profitability of this business.

A framing department is another income asset to the purchase providing a service to art buyers and other community customers.

All FF&E conveys with the sale to include framing equipment and supplies, custom counter, displays, POS system, computers, and other office incidentals. A full list with details is available to a qualified buyer.

A buyer interest must be financially able to fund the purchase and have operating capital to assume the lease. Owner is selling to begin retirement. A transition period of 30-60 days is offered. Owners will be available subsequently for questions.

Dr Seuss: Parties interested in maintaining the Dr. Seuss relationship will be vetted by his estate representative. All inventoried pieces will be separate price from all other art inventory.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Industry Segment: Other Retail Stores
Reason for Selling: Retirement
Value of Inventory Included ($): $0
Value of Furniture, Fixtures, and Equipment ($): $75,000
Real Estate Status: Leased
Value of Real Estate Included ($): $0
Real Estate Lease Description: Current Lease through July 2024 with renewal options The Gallery of Fine Art is located within the prime shopping destination, Mayfaire Town Center, providing great exposure and plenty of parking.
Mgmt/Training Support Description: 30-60 day transition provided.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,360 60,979 114,519
Median Age: 45.44 36.15 37.21
Households: 1,996 24,956 47,869

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