Pace Gallery Cuts 50 Artists and 50 Staff as High Costs Batter Art Market
Updated
Updated · The New York Times · Jun 4
Pace Gallery Cuts 50 Artists and 50 Staff as High Costs Batter Art Market
1 articles · Updated · The New York Times · Jun 4
Summary
Pace Gallery said it is dropping 50 artists from its roster and cutting 50 staff, a sharp retrenchment by one of the art world’s biggest dealers.
Marc Glimcher said the gallery system had grown too big and too corporate, and Pace needed substantial changes as operating costs, art-fair expenses, inflation, interest rates and global uncertainty mounted.
The move signals that even top-tier galleries are no longer insulated, despite strong trophy sales at the very high end and Pace’s stable of blue-chip estates and contemporary stars.
Small and midsize galleries have already been consolidating or closing since the pandemic amid weaker foot traffic, making Pace’s cuts a broader marker of an art market reset.