Pace Gallery cuts staff and artist roster as mega-gallery model faces reckoning

Pace Gallery is reducing its workforce from approximately 250 to 200 employees and dropping up to 50 of its 135 represented artists, including teamLab, David Goldblatt, and Grada Kilomba. CEO Marc Glimcher described the current mega-gallery model as 'unfixable,' stating that constant expansion and rising primary market prices to cover increasing costs are no longer sustainable. Pace will maintain its global presence across all current locations, including New York, Seoul, and London, though no specific closures have been announced. The move follows the closure of Tiwani Contemporary, whose founder Maria Tanava cited rising operational costs and market uncertainties. A London gallerist with over 20 years of experience noted that surviving past downturns required learning to say no to opportunities. The article argues that shrinking may become a viable growth model for galleries, echoing strategies from the early 1990s. However, the current fast-paced, technology-driven art world poses challenges for a less-is-more approach, as larger businesses continue to expand. The piece concludes by calling for collective industry action, such as lobbying through art fairs and gallery weekends, to prevent further closures.