Running the gallery came with financial challenges, especially in an environment where rising rents and economic pressures threatened long-standing establishments, in the aftermath of the financial crisis in the early 1990s. The Mercury Gallery stood as one of the few enduring institutions on Cork Street, at a time when bigger global galleries moved in and it was increasingly difficult for small independents to keep a foothold. Raffles observed that some new galleries believed they could succeed simply by "throwing money at it," but she understood the importance of curating a unique and evolving identity. "The gallery mustn’t be static. It must be something that evolves out of itself," she explained in a magazine article in 1992. During this period Raffles remained dedicated to showcasing emerging talent. She acknowledged the risks of representing new artists, stating, "We take them on with not a great hope of selling their work—no guarantees—but even if a whole show does sell, it is not going to make the gallery as much profit as selling one picture out of here [from the stock room of works by established artists]." Her approach balanced support for young talent with the pragmatic necessity of dealing in established names.
Her clientele included many loyal collectors who returned year after year, drawn by her curatorial "eye" and the sense of continuity she provided. The Mercury Gallery also attracted an impressive list of museums and public bodies that acquired works from its exhibitions, including the Victoria and Albert Museum, London, National Gallery of Scotland, Edinburgh, National Gallery of Canada, Ottowa, Sydney Art Gallery, New South Wales, Museum of Fine Art, Boston, Ministry of Public Works, and the Herbert Art Gallery, Coventry.