Pace Gallery's UK Arm Reports US$5.4 Million Loss for 2025
Pace Gallery's British company lost US$5.4 million in 2025, according to new accounts filed with Companies House, the UK's official company register. Artnet News reported the figures on 28 October 2026.
The same filings show that turnover, the total money a business takes in from sales, fell over the year.
The gallery's parent company now plans a debt-to-equity swap. In plain terms, lenders would exchange money they are owed for shares in the company, which cuts the debt the business has to repay. The Art Newspaper reported the plan on 27 October.
The wider Pace group has been losing ground for two years. ArtNews and The Art Newspaper put the group's total turnover at about US$67.7 million in 2024, down from US$104.95 million in 2023. The group also moved from a profit of US$6.8 million in 2023 to a pre-tax loss in 2024, meaning a loss before the company pays tax.
Earlier this year, the change was already visible in the gallery's plans. In June, The New York Times reported that Pace planned to cut its artist roster by 50 artists and reduce its staff by 50 people. The roster is the list of artists a gallery represents, meaning it sells their work and takes a share of each sale.
Pace is a commercial gallery, a private business that sells art by living artists to collectors, museums and other buyers. Behind figures like these are the people who make that work happen: the installers who hang shows, the art handlers who pack and crate pieces for shipping, and the staff who look after the artists on the books. Each change to the roster or the payroll lands on those people first.
