Pace Gallery has laid off 50 workers and cut 50 artists from its roster, representing about a fifth of its staff and a third of its artists. CEO Marc Glimcher described the move as a “model correction,” stating that “the current gallery model isn’t only broken, it’s unfixable.” The cuts come just years after the gallery opened a $100 million flagship building in Manhattan’s Chelsea neighborhood and positioned itself as a leader in the crypto art space.
The layoffs and roster reductions highlight the ongoing instability in the mega-gallery sector, where rapid expansion and speculative ventures have led to financial overreach. The article frames the cuts as workers and artists paying for boardroom decisions, underscoring the human cost of institutional restructuring. This story matters because it reflects broader tensions in the art market between growth, sustainability, and the treatment of artists and staff.