Pace CEO Marc Glimcher Addresses Financial Reports, Plans New Europe Gallery

(MENAFN- USA Art News) Marc Glimcher, CEO of Pace Gallery, addressed recent media reports concerning the gallery's financial accounts, stating the business has returned to profitability and plans to open a new European location soon. Speaking to ARTnews in a phone interview, Glimcher noted the gallery recently achieved a record art fair at Art Basel Paris and experienced successful, sold-out exhibitions primarily featuring emerging artists.

Pace Gallery has been actively reorganizing its global real estate footprint. In June, its London property was listed for sale, with the gallery indicating a preference for a“less corporate” presence in the city. By September, Pace announced it was seeking tenants for a section of its Chelsea headquarters. Despite these adjustments, Glimcher affirmed that London remains a“great market” and that Pace has no intention of closing its operations there. He highlighted London's role as an international hub for managing Asian and European units, comparing its significance to that of New York. The gallery, currently occupying 8,600 square feet on Hanover Square, will relocate to a“more prime location” of a similar size that aligns with its evolving business model. Glimcher suggested he has“a couple of amazing choices” for the next London property.

The gallery's strategy has involved significant internal restructuring. Glimcher cited the success of its operations in Berlin and Japan as“very instructive” to its overall approach. Last week, Pace Gallery submitted its 2024 accounts to Companies House, the British government's business register, 10 months late. The filing indicated a turnover of $67.7 million for 2024, a 35.5 percent decrease from 2023's $105 million. The gallery recorded a pre-tax loss of $2,429 for 2024, contrasting with a $6.8 million profit in 2023. These figures relate to The Pace Gallery Limited, the UK-registered entity that serves as the umbrella for its European and Asian operations, excluding Tokyo and the US. Shortly thereafter, Pace Gallery's 2025 accounts were published, showing a further 2.6 percent dip in turnover to $65.9 million.

In June, Pace laid off 50 staffers and removed 50 artists from its roster, including Keith Coventry, TeamLab, John Gerrard, and Glenn Kaino. Pace now represents a total of 85 artists. Glimcher explained that the removed artists were those with whom the gallery had“really not working with” or had“super active engagement with.” He framed this as an effort to“focus your efforts to do less better than doing more not as well.” Glimcher also noted that the market has substantially changed, and Pace's new strategies are yielding positive results, particularly an“extremely profitable year already in Los Angeles.”

Source: ARTnews

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