Pace Gallery is closing its exhibition space at H Queen’s in Hong Kong later this month, with its final show—featuring Alejandro Piñeiro Bello—ending on October 18. The gallery chose not to renew its lease, citing that the location was no longer serving its needs, though it will maintain offices in Hong Kong and Beijing and remains open to future spaces. The closure follows a trend of galleries exiting H Queen’s, including Hauser & Wirth, Pearl Lam, and Whitestone, as the building once promoted as a blue-chip hub has steadily emptied.
This move matters because it underscores broader challenges facing Hong Kong’s art market, including slowing spending from mainland Chinese buyers, increased political control from Beijing, and a global art market downturn. Pace’s decision, alongside Lévy Gorvy Dayan’s closure last year, signals a contraction in the city’s gallery scene. However, Pace’s continued commitment to the region through offices and collaborations suggests that major dealers are adapting rather than fully retreating from Greater China.