Larry Gagosian, via NY Magazine

Larry Gagosian has begun plotting to open a Paris and possibly a Geneva branch, say dealer sources. The Gagosian Gallery was founded in 1979.

The recession has brought sweeping changes to the art market, as deals done quietly and discreetly have grown increasingly desirable.

The auction market has contracted by more than a third, according to 2009 revenue statements reported by Sotheby’s and Christie’s.

Instead of conserving cash, the ambitious risk-taking Gagosian is wasting no time capitalizing on a moment when dealers appear to have some advantage over the auction houses.

He recently added a space in Athens, in addition to other galleries in Rome, three Manhattan venues, two London locations, Beverly Hills, and what is described by insiders as a very lucrative office in Hong Kong.