Is the troubled art-gallery business in turnaround?

In the 18 months following the collapse of Lehman Brothers in September 2008, about two dozen New York contemporary art galleries shut their doors. Among them were some of the most vibrant scene-makers of the Lower East Side–Guild & Greyshkul, Rivington Arms and 31 Grand–plus Roebling Hall in Chelsea.

But this year the pace of closings has slowed, and several gallerists have moved to larger quarters or expanded in their existing spaces. The Deathwatch blog, found on the popular How’s My Dealing? Web site, about the New York art world, hasn’t had a new entry in months.

Now, two new galleries, one in Chelsea and one on the Lower East Side, are opening, both started by veterans. A third new gallery, helmed by two ex-auction house officials, is due later this year on the Upper East Side.

Lu Magnus, at 55 Hester Street, opens this Friday. Its co-founders are Amelia Abdullahsani, former director of the Stellan Holm Gallery, and Lauren Scott Miller, who was manager of special projects at Luhring Augustine. Gallery-shy, they’ve subtitled their new space an “art laboratory and salon.” They’ll host a variety of arts and events, including video, dance and cooking, Ms. Miller said. The name of the gallery, explained Ms. Abdullahsani, comes from the name of the arena where gladiators fought at the Colosseum, and they’re going for the same “arena” feel. Prices will range from $300 (for prints by their artists that they’ll sell online) to $50,000. 

The gallery is specifically targeting a “younger base of collectors.” Who’s backing the venture? Ms. Miller said “several investors, individuals–not businesses” have invested.

Cristin Tierney, who shares her name with her new gallery, opened the space Oct. 28 at 546 West 29th Street. Peter Campus’ “Calling for Shantih” is the first exhibition. It features seven of his video installations of landscapes. (Think TV meets a painting.)

“It’s a great time to open a gallery,” said Ms. Tierney, who’s worked as a private art adviser in the past. “I feel there are a lot of artists doing amazing work, and they need support.” The dealer said the prices for pieces in her gallery could range from $15,000 to $1 million, but most contemporary art will be priced under $100,000.

“I look for projects with artists that are interesting and see how it goes, like dating,” Ms. Tierney said. “Sometimes you get serious, and sometimes you decide you’re better off as friends.”

Also in the works and headed to the Upper East Side later this month or next is the Blain|Di Donna gallery. Emmanuel Di Donna, Sotheby’s vice chairman and head of Impressionist and Modern art, left the auction house recently and will open with Harry Blain, co-founder of the Christie’s-owned contemporary art gallery Haunch of Venison.