The recession affects everyone...including Gen Art. The agency released a statement yesterday stating that it will close do to the "economic crisis" during the recession. Ian and Stefan Gerard had to make the immensely sad decision after trying everything in their power to save their business. I guess that Gen Art benefit auction didn't help as much as they had expected. Gen Art had spawned phenomenal success in the past as it discovered new turned classic designers such as alum Zac Posen and Vena Cava. Unfortunately, emerging talent will have to now look elsewhere for a chance to become style stars. We will miss you, RIP Gen Art! Check out their statement here!