Pace Gallery lays off 25% of staff amid COVID-19 crisis
Pace Gallery, a blue-chip gallery with six locations in London, New York, Geneva, Palo Alto, Hong Kong, and Seoul, has laid off 25% of its New York staff weeks after the city's lockdown. CEO Marc Glimcher told ARTnews the decision came after cutting all non-personnel expenses, including reducing executive salaries. He expressed hope to rehire employees soon. The layoffs contrast with strong online sales at Christie's and Sotheby's, which also cut staff. Founder Arne Glimcher, who recovered from COVID-19, had previously written about the crisis's human toll, leading to accusations of hypocrisy. The gallery's 2019 New York space rivaled major museums in scale.
Key facts
- Pace Gallery laid off 25% of its New York staff.
- The layoffs occurred weeks after New York's COVID-19 lockdown.
- CEO Marc Glimcher announced the decision to ARTnews.
- All non-personnel cuts were made first, including executive salary reductions.
- Pace Gallery has six locations: London, New York, Geneva, Palo Alto, Hong Kong, Seoul.
- Christie's and Sotheby's reported strong online sales but also cut staff.
- Founder Arne Glimcher recovered from COVID-19 and wrote about the crisis.
- Pace Gallery's 2019 New York space rivaled major museums.
Entities
Artists
- Arne Glimcher
Institutions
- Pace Gallery
- Christie's
- Sotheby's
- ARTnews
- Artribune
Locations
- New York
- London
- Geneva
- Palo Alto
- Hong Kong
- Seoul