Pace Gallery Downsizes, Cutting Artists and Staff
Pace Gallery is downsizing by cutting about 50 artists and estates from its roster of more than 130, and laying off roughly 50 of its 250 staffers, according to a New York Times report published late Wednesday. CEO Marc Glimcher said in a statement that “the current gallery model isn’t only broken, it’s unfixable,” framing the move as a retreat from the “mega gallery” approach and a shift to focusing on around 80 artists. The changes follow a prolonged downturn in the contemporary art market and industry speculation about Pace’s finances; Artnet News previously reported in 2019 that rent for Pace’s West Chelsea flagship exceeded $8 million per year. Pace, founded in 1960 in Boston and now operating in cities including New York, Los Angeles, London, Geneva, Berlin, Seoul, and Tokyo, also announced its Art Basel (Switzerland) booth for the fair opening to invited guests on June 16, featuring artists such as Lynda Benglis, Alexander Calder, Agnes Martin, and Louise Nevelson.
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This story was covered in Museum Shakeups, Biennale Backlash, and a Louvre Trail