Pace Gallery's radical downsizing signals end of mega-gallery expansion era
In early June, Pace Gallery, one of the four dominant players in the global art trade alongside Hauser & Wirth, Gagosian, and Zwirner, announced a drastic downsizing. The gallery will part with around 50 artists and estates, marking a potential end to the expansion frenzy in the art business and a return to focus on profile, proximity, and art. The announcement sent shockwaves from the US East Coast to Germany. This move reflects a broader industry reassessment of the mega-gallery model.
Key facts
- Pace Gallery announced a radical downsizing in early June.
- The gallery will part with around 50 artists and estates.
- Pace is one of the four major players in global art trade.
- The other three are Hauser & Wirth, Gagosian, and Zwirner.
- The announcement was felt from the US East Coast to Germany.
- The move may mark the end of the expansion frenzy in the art business.
- It signals a return to focus on profile, proximity, and art.
- The downsizing reflects a broader industry reassessment.
Entities
Institutions
Locations
- United States
- Germany