Pace Gallery Says It Is Back in the Black and Plans a New London Space

Pace Gallery is back in the black, meaning it is making a profit again, its chief executive Marc Glimcher told ARTnews in a phone interview published on 2 November. He also said the gallery will open a new location in Europe "fairly soon."

Pace is a commercial gallery, a private business that sells art by the artists it represents. It is based in New York, with spaces in London and elsewhere. Its recovery claim comes after a hard year on paper. Pace's turnover, the total money it brought in from sales, was US$67.69 million in 2024. That was down 35.5 percent from US$104.95 million in 2023, according to ARTnews, which reported the figures on 28 October.

The London story is the one with the most moving parts. Pace put its London property on the market in June 2025, saying it wanted a "less corporate" space. Glimcher told ARTnews that London remains a strong market and added, "We are never going to close in London." He said he already has "a couple of amazing choices" for the next property. The current gallery on Hanover Square occupies 8,600 square feet, about 800 square square metres, and the next space will be roughly the same size in a more prime location.

Pace has been cutting back in other areas too. In June, the New York Times reported that the gallery had cut 50 artists and 50 staff, and that its roster would fall about 30 percent, from roughly 135 artists to 85. Glimcher told ARTnews that Pace is always adding artists, and that the people who left were ones the gallery was not really working with. In September, the gallery said it was looking for tenants for part of its Chelsea headquarters in New York.

Pace's latest UK accounts, filed ten months late, describe cost-cutting measures and plans to refinance debt for its UK-registered company, The Art Newspaper reported on 27 October. Glimcher said the gallery had just had a record art fair at Art Basel Paris, a large contemporary art fair, along with sold-out shows of mostly young artists.

For collectors and visitors, the practical picture is simple. Pace is smaller in artist numbers, is trimming space, and is looking for a new London home. Glimcher has said the gallery will return to its roots. He has not, in the reporting so far, set a date for the London move or named the European city for the new location.