Pace Gallery CEO Marc Glimcher announced a major restructuring in the New York Times, cutting 50 artists from its roster (reducing from 135 to 85) and laying off 50 staff members. The mega-gallery, which operates in six countries and seven cities, aims to refocus on established blue-chip artists like Julian Schnabel, David Hockney, and Pablo Picasso, while dropping less familiar names such as teamLab, Keith Coventry, and John Gerrard. Artist Glenn Kaino confirmed his departure, citing a divergence in vision.
This move signals a strategic shift away from the mega-gallery model that dominated the art market, prioritizing quality over quantity and focusing on artists with proven market resilience. The restructuring comes amid a broader trend of collectors gravitating toward 20th-century masters, as evidenced by Pace's recent Art Basel presentations featuring a $30 million Picasso and a Modigliani. The decision also follows Pace's handling of the Constantin Brancusi estate and the record $107.6 million sale of his sculpture "Danaïde" at Christie's, underscoring the gallery's commitment to high-value, stable assets in an increasingly volatile market.