Yet another gallery has fallen victim to the tough economic times.

Fifteen-year-old Caren Golden Fine Art, located since 2004 in a groundfloor space on West 23rd Street, will suspend regular exhibition afterthe close of its current solo exhibition of artist Nicola Lopez,according to an email sent to the gallery's mailing list today. The news comes on the heels of the closure of Chelsea's Bellwether and Charles Cowles galleries.

In the email, gallery owner Caren Golden writes that she plans to "takethe gallery underground and focus on dealing, consulting, and curatingprivately." The email continues, "I look forward to reducing thedemands and overhead that a physical space requires, and hope that thisfreedom will allow me to pursue a deeper and more varied relationshipwith the contemporary art scene."

Golden's email also indicates that she will "continue to support andpromote the CGFA artists and welcome inquiries about them for sales,exhibition, and representation, while I look forward to reinventingmyself as a private art dealer, adviser, curator, and more."

Caren Golden founded her gallery in 1995 in Soho, and relocated to the then-developing Chelsea art district in 1999.

Sarah Douglas is Senior Correspondent for ARTINFO, Art+Auction, and Modern Painters.