Pace Gallery Downsizes, Cutting Artists and Staff
Pace Gallery, a major force in the contemporary art market, is cutting approximately 50 artists and estates from its roster of over 130 names and laying off about 50 of its 250 staff members. CEO Marc Glimcher announced the downsizing, citing a broken gallery model and a prolonged downturn in the market for contemporary art. The gallery plans to focus on around 80 artists going forward, dropping names such as Keith Coventry, Glenn Kaino, teamLab, and John Gerrard, while retaining recent additions like Anicka Yi and the estate of Constantin Brancusi. Pace will continue to participate in major art fairs, including Art Basel in Switzerland.