Pace Gallery Cuts 50 Artists and 50 Staff Amid Art Market Challenges

In perhaps the strongest sign yet of a major transformation in the art market, Pace Gallery plans to announce on Thursday that it is reducing its roster by 50 artists and its staff by 50 people, indicating that even a prominent established gallery needs to downsize in this challenging economic climate.

“The whole art gallery art system became too big, too commercial, too impersonal and too corporate,” Marc Glimcher, the chief executive, said in an interview this week. “We all know it’s true. But you actually have to do something to adapt to it. You have to make some substantial changes.”

While high-end sales remain strong among a sliver of wealthy collectors — as evidenced by the recent auctions of rare trophies — small and midsize galleries have, since the Covid pandemic, been consolidating, contracting or closing amid declining foot traffic and steep operating costs.

Pace, which last year celebrated its 65th anniversary, represents some major estates of 20th-century artists like Alexander Calder, Mark Rothko and Agnes Martin; current art stars like David Hockney and Julian Schnabel; and emerging talents including Adam Pendleton and Torkwase Dyson. Pace has also continued to represent and stand by the late Chuck Close, despite allegations of sexual harassment that the artist denied.

Article source: https://www.nytimes.com/2026/06/03/arts/design/pace-gallery-artist-cuts.html