Pace Gallery plans to announce a significant reduction in both its artist roster and staff, cutting 50 artists and 50 employees. This move highlights a shift in the art market, affecting even established galleries.
Marc Glimcher, the chief executive of Pace, remarked on the state of the art gallery system. He noted it has become overly commercial and corporate. Recognizing the need for change, Glimcher stated, “You actually have to do something to adapt to it. You have to make some substantial changes.”
While sales at the high end remain strong among affluent collectors, smaller galleries haven’t fared as well. Many have faced consolidation or closure since the Covid pandemic. The economic challenges include reduced foot traffic and higher operating expenses.
Pace celebrates its 65th year and represents estates of iconic 20th-century artists like Alexander Calder and Mark Rothko. It also features current stars such as David Hockney. Despite controversies, the gallery continues to stand by late artist Chuck Close.
Despite its status among top galleries globally, alongside Gagosian and Zwirner, Pace faces significant economic pressures. Its seven worldwide locations contribute to high operational costs. Factors like inflation, interest rate changes, and global uncertainties have intensified financial strains, leading to this downsizing move.