Pace Gallery's UK parent reports sharp fall in sales and a 2024 loss
The UK company behind much of Pace Gallery's overseas business reported lower sales and a loss for 2024, in accounts filed on 27 October 2026 with Companies House, the UK's public register of companies.
Pace is a large commercial gallery, one that represents artists and sells their work to collectors and museums. Its UK parent, The Pace Gallery Limited, runs the company's operations outside the United States and Tokyo. Its total turnover, meaning its total sales, fell to US$67.7 million in 2024 from US$104.9 million in 2023.
The group also swung from profit to loss. It made a US$6.8 million profit in 2023, but in 2024 it reported a pre-tax loss, which means costs ran ahead of income before tax was counted.
The accounts were due at the end of December 2025. They arrived ten months late, according to The Art Newspaper, which reported on the filing.
The figures show where the money came from. About US$48 million of 2024 turnover was booked by subsidiaries, the company's own businesses in Asia and Europe. Sales to buyers in the UK fell to US$4.1 million from US$10.7 million. Another US$60.5 million went to the rest of the world outside the UK.
The company's net assets, meaning what it owns minus what it owes, shrank to US$2.5 million at the end of 2024 from US$4.5 million a year earlier. The amount payable to its US parent, The Pace Gallery LLC, dropped to US$9.4 million from US$17.3 million. Debts due within one year stood at US$49 million, slightly below the US$50.8 million recorded at the end of 2023.
The accounts also outline refinancing plans and cost-cutting measures, according to the same report.
Those changes follow a series of moves the gallery has announced. In May, chief executive Marc Glimcher set out a plan to cut 50 artists and 50 staff. Pace closed its Hong Kong space in October 2025. It is looking for a tenant to share its eight-storey headquarters in New York, a way to spread the running costs of the building.
Not every move was a retreat. In December 2025 the gallery announced Pace Di Donna Schrader Galleries, a new venture with Emmanuel Di Donna and David Schrader, to grow its business in the secondary market, where works are resold after their first sale. Pace also opened a gallery in Berlin in 2025.
The filings also record US$1 million in severance pay to one senior management member who left in 2024.
For readers, the headline numbers are a picture of one company's books, covering the UK parent and its subsidiaries in Asia and Europe. They show how the business is being rebuilt, with fewer staff, smaller sales in some markets and a plan to rely less on borrowing from its US parent.
