The portrait, a slightly abstract monotype made up of soft blues, aquamarines, violets, and beiges, is titled simply 'Lucas Zwirner' (2022).
The magazine will continue to be fully independent from the gallery.
Zwirner was editorial director of David Zwirner Books, and Zhong was digital director at W magazine.
"To go to a novelist and say, 'Hey, I'd like to publish your novel,' I need to know that I can sell enough books for it to be worth it for that novelist," Lucas Zwirner, who head the enterprise, said.