Gallery Firm Expects Loss of $2 Million for Quarter

Martin Lawrence Limited Editions Inc., still reeling from the weak art market, said it expects to post a net loss of $1.9 million to $2.1 million for the first quarter ended March 31.

The Van Nuys-based company, which operates a chain of retail art galleries, earned a $2-million profit a year earlier. The company estimated the latest loss also will come on a sales drop of 47% or more, to between $6.7 million and $7 million from $13.3 million a year ago.

Continuing weak demand for art, the overall sluggish economy and the Persian Gulf War all contributed to the lower results, the company said. The loss also will reflect Martin Lawrence’s decision to close six of its galleries over the next several months.