Pace Gallery has cut fifty artists from its roster of 135 and eliminated fifty of its 250 staff, according to a New York Times report. The layoffs were announced before staff were notified, with a town hall scheduled for the following morning. CEO Marc Glimcher stated that the current gallery model is "unfixable" and that Pace is returning to its roots by focusing on around 80 artists, including an intergenerational mix. Among the dropped artists are Glenn Kaino, Keith Coventry, John Gerrard, TeamLab, and several others, while the gallery retains its blue-chip status alongside Gagosian, Hauser & Wirth, and Zwirner.
This move signals a major shift in the art market, as even top-tier megagalleries struggle with rising costs, changing buyer habits, and global uncertainty. Pace's retrenchment follows a trend of smaller and midsize galleries closing, and larger ones pivoting to private sales and advising. The decision underscores the fragility of the traditional gallery model and may prompt other major galleries to reevaluate their operations, potentially reshaping the landscape of contemporary art dealing.