The “mega-gallery” model has become a defining feature of the contemporary art world over the past decade. Yet under pressure from rising operating costs and growing geopolitical uncertainty, that system is starting to look less sustainable.
This month, Pace, one of the world’s largest galleries, announced that it would cut around 50 artists and estates from a roster of roughly 135 and lay off about 50 of its 250 staff members.
The move affects more than a third of its artists and a fifth of its workforce, and comes amid a slowdown in the contemporary art sector and concerns within the trade about Pace’s financial position.
Pace Gallery's CEO, Marc Glimcher
Founded in 1960 by Arne Glimcher, Pace has grown into one of the “big four” galleries, alongside Gagosian, David Zwirner, and Hauser & Wirth. Today, it operates across seven cities, with a roster spanning blue-chip estates and contemporary stars – from Alexander Calder and Mark Rothko to David Hockney, James Turrell, and Yoshitomo Nara.
Marc Glimcher, Arne’s son, has led the gallery since 2011. The CEO described the restructuring as a move away from the mega-gallery approach, which he said “requires an overlay of management that diverts resources and attention from the heart of our business” and had resulted in rosters so large that it had become “impossible to give all of the artists the level of support that they deserve.”
Pace has not released the full list of artists and estates affected. But media reports comparing its online roster between February and June suggest that at least 30 names have been removed, including the following:
- Richard Avedon
- William Christenberry
- Keith Coventry
- Tim Eitel
- John Gerrard
- David Goldblatt
- Paul Graham
- Kevin Francis Gray
- Hai Bo（海波）
- Hong Hao（洪浩）
- Virginia Jaramillo
- JR
- Glenn Kaino
- Nina Katchadourian
- Acaye Kerunen
- Grada Kilomba
- Josef Koudelka
- Liu Jianhua（劉建華）
- Damian Loeb
- Rafael Lozano-Hemmer
- Hermann Nitsch
- Paolo Roversi
- Keith Sonnier
- Sui Jianguo（隋建國）
- Jiro Takamatsu
- teamLab
- JoAnn Verburg
- Brent Wadden
- Xiao Yu（蕭昱）
teamLab's solo exhibition, The World of Irreversible Change, at Pace in New York in 2024
Pace's gallery space in New York
“The art world has changed dramatically over the past decade, and the current gallery model isn’t only broken, it’s unfixable,” Marc Glimcher said in a statement. “Every gallery is currently making temporary fixes and compromises to prop up a system that no longer works.”
For top galleries, global reach now demands more than a string of outposts around the world; it entails regular participation in major art fairs, support for artists’ museum and biennial projects, international shipping and storage, and year-round programming across multiple markets.
In 2019, Pace opened an eight-storey global headquarters in Chelsea, New York, following a renovation reported to have cost more than US$100 million. The building reportedly carries an annual rent of around US$9 million under a 20-year lease. Glimcher has since said that Pace would “by no means” take on such a project today.
There had been other strains before the latest restructuring. In 2022, Pace was ordered by a New York court to pay US$6.3 million to real estate firm CBRE over an unpaid commission. That same year, the gallery also stepped back from Superblue, an experiential art venture it had largely funded, after the project was hit by cost overruns and stalled plans.
Pace Gallery's global headquarters in New York
The broader market environment has only added to those pressures. High interest rates, trade tensions between the US and China, and conflicts in different regions have all weighed on the primary art market, making large fixed costs harder to sustain.
The impact has been particularly visible in Asia, where changing collector behaviour and the China-United States trade war have complicated Pace’s expansion strategy. The gallery was the first American contemporary gallery to open in mainland China, launching a 2,500-square-metre space in Beijing’s 798 Art District in 2008, during the city’s Olympic boom. In 2018, Pace closed the Beijing branch after a decade of operation, and last October chose not to renew its lease at H Queen’s in Hong Kong.
Pace's gallery space in Beijing was closed in 2018
Pace's gallery space at H Queen's in Hong Kong was closed in 2025
Pace has also looked for ways to reshape the business. Last year, Pace held talks with Sotheby’s over a possible partnership, with reports suggesting the discussions may have involved a major investment or merger. No deal was ultimately reached.
Pace has since teamed up with Emmanuel Di Donna, founder of Di Donna Galleries, and David Schrader, a former Sotheby’s executive, to form Pace Di Donna Schrader. The venture made its debut this month at Art Basel in Basel.
In March, Pace added the in-demand artist Anicka Yi to its roster. In May, it announced global exclusive representation of the estate of Constantin Brâncuși. On the same day, Brâncuși’s Danaïde sold for more than US$107 million at Christie’s New York, becoming the second-most expensive sculpture ever sold at auction.
Glimcher has said Pace will stage fewer exhibitions in the future, but will not close any of its existing spaces. Spaces such as Berlin and Tokyo will no longer serve simply as satellites of New York, or repeat the same exhibitions across markets. Instead, Pace plans to build more locally rooted programmes, shaped by the culture, audiences and collectors of each city.