Pace Gallery has laid off 50 staff members and cut 50 artists from its roster, reducing its artist representation by 30% and its workforce by about 20%. CEO Marc Glimcher described the move as a "model correction," stating that the current gallery model is "broken" and "unfixable." The cuts come amid ongoing market uncertainty and the collapse of crypto-backed art ventures, in which Pace was an early participant. Affected artists include French photographer JR, painter Damian Loeb, media artist Rafael Lozano-Hemmer, and the estates of Richard Avedon and Keith Sonnier. The gallery declined to comment on specific staff cuts or provide a list of affected artists, leading to confusion among employees.
This downsizing marks a significant shift for Pace, which had aggressively expanded in recent years with a $100 million flagship in Chelsea, a performance series called Pace Live, and the immersive art venture Superblue. The move signals a broader reckoning for mega-galleries, as Glimcher argues that the resources required to manage large rosters and expansive operations make it "virtually impossible" to present a unified vision. The cuts reflect growing pressure on galleries to adapt to a changing market, where the "mega gallery" model may no longer be sustainable.