Pace Gallery Cuts Staff and Artists as Mega-Gallery Model Faces Pressure
Pace Gallery is set to cut its staff from around 250 to 200 and will reduce its roster of approximately 135 artists by up to 50, indicating a possible change in the mega-gallery approach. This reorganization occurs alongside a wider market adjustment: the fine art auction scene in Asia is facing significant price fluctuations, reaching their highest variation in ten years, as per the Artnet Price Database. Additionally, later this month, Sotheby's plans to auction a Modigliani nude, Nu assis au collier (1917-18), estimated at $60 million, from the collection of billionaire Joe Lewis.
Key facts
- Pace Gallery cuts staff from ~250 to 200.
- Pace drops up to 50 of its ~135 artists.
- Asia's fine art auction market shows sharp recalibration.
- Regional price disparities in Asia at widest point in a decade.
- Sotheby's offers Modigliani nude for $60 million.
- Modigliani painting is from Joe Lewis collection.
- Modigliani work titled Nu assis au collier (1917-18).
- Auction occurs later this month.
Entities
Artists
- Amadeo Modigliani
Institutions
- Pace Gallery
- Sotheby's
- Artnet News
- Artnet Price Database
Locations
- Asia