The Nedra Matteucci Galleries, a sprawling Santa Fe art compound, is for sale for $13.5 million, signaling the end of an era for what was once an art magnet.
Matteucci has operated the business at 1075 Paseo de Peralta for 20 years. She will consolidate its contents with Morningstar Gallery at 513 Canyon Road, which she bought five years ago.
"It's getting harder and harder to fill the walls," she said. "It's something I've been planning for a long time."
Matteucci said the shaky economy had nothing to do with the decision to sell. She said she wanted to scale down now that her husband, Richard, is retired.
"This used to be a destination, but now it's not because there are so many art galleries here," she said. "With the Internet, getting good paintings is getting harder and harder and we want to keep up our quality."
Matteucci carries American painting and sculpture, especially those from the Taos Art Colony and the Santa Fe Cinco Pintores, as well as living representational area artists. Morningstar sells American Indian antiquities.
"The market is very strong for these kinds of paintings," she said. "It's changed in that you're competing with auctions, as well as galleries. As far as the prices go, they've never been stronger."
The 20,000-square-foot property includes a sculpture garden and five houses. Matteucci has used two of the properties as guest houses for clients and friends; the others are used by employees. Matteucci said she expected no layoffs with the consolidation. She plans to expand Morningstar's space; her own house is next door.
Matteucci bought the historic structure in 1988. The largely adobe space was originally established as a gallery by Nicholas Woloshuk, a renowned Western art figure. Noted art dealer Forrest Fenn bought it later.
The five guest houses were created with salvaged architectural materials from dismantled barns and cabins from across northern New Mexico. Parts of the structure are 200 years old, Matteucci said. The compound features eight bedrooms and 12 bathrooms. The property is being listed by Ray Rush, Tim Van Camp and Joe DeBella of Sotheby's International Realty.
Matteucci, who grew up in southeastern New Mexico, is in no hurry to sell.
"It's been more like a baby to me," she said. "There's been some interest. I don't think it's going to happen overnight."
