Pace gallery is giving up its 8,600-square-foot London space in Hanover Square, seeking a smaller, less corporate location. CEO Marc Glimcher confirmed the move to the Financial Times, praising the efficiency of its teams in Korea, Tokyo, and Berlin as a model for the future. The decision follows last week's announcement that Pace is cutting about 50 jobs and dropping some 50 artists, leaving staff and artists uncertain about their status. The London gallery, renovated by Jamie Fobert Architects, opened in fall 2021 with a performance by Torkwase Dyson and was seen as competitive positioning against mega-galleries like Gagosian and David Zwirner. Rumors suggest Pace may move to a smaller space on Grafton Street near Zwirner and Sprüth Magers.
The downsizing matters because it signals a major shift in the mega-gallery model that Pace helped define. Glimcher has called the current gallery system "not only broken" but "unfixable," a stark contrast to his earlier admission of managerial missteps. The cuts have drawn both support and criticism, with some artists questioning the gallery's "artists first" rhetoric when artists are being dropped instead of reducing physical footprint. This story reflects broader tensions in the art market between expansion and sustainability, and raises questions about how top-tier galleries balance commercial pressures with their stated commitments to artists.