Pace Cuts 50 Artists and 20% of Staff as Art Market Stagnates
Updated
Updated · The New York Times · Jun 19
Pace Cuts 50 Artists and 20% of Staff as Art Market Stagnates
1 articles · Updated · The New York Times · Jun 19
Summary
Pace cut 50 artists from its roster and reduced staff by 20% in early June, a jolt to the gallery sector as Art Basel opens in Basel.
2025 art sales, adjusted for inflation, were roughly on par with the 2009 recession and 2020 pandemic periods, according to the 2026 Art Basel/UBS report.
That stagnation has collided with slower, more variable sales and steadily rising costs, prompting gallery closures worldwide and leading Pace CEO Marc Glimcher to call the current model “broken” and “unfixable.”
Galleries underpin the broader art ecosystem by backing artists, financing exhibitions and channeling private patronage, so prolonged weakness threatens artists’ ability to sustain long-term work.