Pace Gallery CEO Marc Glimcher Counters Loss Reports, Announces New European Site
Marc Glimcher says the gallery is back in the black and will soon open a new European location despite recent financial headlines.
Turning the Tide After a Rough Year
Marc Glimcher, chief executive of Pace Gallery, told ARTnews on Monday that the business has moved “back in the black” following a “record art fair at Art Basel Paris” and “sellout shows of primarily young artists.” He emphasized that “everything is turning” and that a new European location will open “fairly soon.”
London Remains a Core Hub
Although Pace put its London property on the market in June, seeking a “less corporate” space, Glimcher reiterated that London is a “great market” and that the gallery will never close there. He noted that many galleries use the city as an international hub for managing Asian and European units, comparing its weight to New York’s.
Glimcher hinted at “a couple of amazing choices” for a new London venue. The current Hanover Square space occupies 8,600 sq ft; the upcoming site will be “about the same size” in a “more prime location” that fits the gallery’s model.
Financial Filings and Balance‑Sheet Shifts
Pace Gallery’s 2024 accounts, filed ten months late with Companies House, showed a turnover of $67.7 million—a 35.5 percent drop from the $105 million recorded in 2023. The filing recorded a pre‑tax loss of $2,429 versus a $6.8 million profit the previous year.
The 2025 accounts indicated a further turnover dip to $65.9 million, a 2.6 percent decline. Glimcher explained that a “balance sheet shift” makes the loss appear larger because the company is reallocating investments and allowing each unit to operate more autonomously.
Staff Reductions and Roster Changes
In June, the gallery laid off 50 staff members and removed 50 artists from its roster, including Keith Coventry, TeamLab, John Gerrard and Glenn Kaino, leaving Pace with 85 represented artists. Glimcher said the departed artists were not artists that we were really not working with and that the cuts allow the gallery to focus on doing less better than doing more not as well.
Positive Signals from Other Markets
Glimcher pointed to an “extremely profitable year already in Los Angeles,” noting that recent strategies are beginning to “pay off” as the market changes. He concluded that once the new London space is announced, “it’s going to make a lot of sense to everybody.”
