Pace Gallery, one of the four mega-galleries, announced it was cutting approximately 50 artists and 50 staff members last week, a move widely seen as a reckoning after years of aggressive expansion. The article argues that under Marc Glimcher, who took over from his father Arne in 2010, the gallery prioritized scale over substance, chasing fads like NFTs, immersive experiences, and blockchain platforms while losing its distinct identity. The cuts, which many staff learned about through a New York Times announcement, have been framed by the gallery as a return to fundamentals, but critics view it as an admission that the strategy of endless growth has failed.
This matters because Pace Gallery's troubles reflect a broader crisis in the contemporary art world, where the belief that bigger is better has driven mega-galleries to unsustainable levels of expansion. The article positions Pace as the most extreme example of this trend, contrasting it with rivals like Gagosian, Hauser & Wirth, and David Zwirner, which have maintained clearer identities. The layoffs and artist cuts signal a potential shift away from growth-at-all-costs, raising questions about the future of the mega-gallery model and the values that should guide art dealing.