Pace Gallery Downsizes
Pace Gallery is making one of the sharpest contractions in its 66-year history. The New York-based gallery is cutting about 50 artists and estates from a roster of more than 130 names, while also laying off roughly 50 of its 250 employees, according to the New York Times.
In a statement, CEO Marc Glimcher said the move reflects a deeper reckoning with the structure of the contemporary art market.“The art world has changed dramatically over the past decade, and the current gallery model isn't only broken, it's unfixable,” he said. Glimcher, the son of Pace founder Arne Glimcher, described the shift as a move away from the“mega gallery” model that has dominated recent decades.
That model, he said, has required layers of management that pull attention and resources away from artists. It has also produced rosters so large that galleries cannot adequately support everyone they represent. Pace said it will now focus on around 80 artists.
The gallery did not release a list of those being dropped.