Pace's International Arm Lost US$5.6 Million in 2025 as Sales Slipped

The London company behind the Pace Gallery lost US$5.6 million on its international business in 2025, according to figures reported by ARTnews.

Pace is a commercial gallery, meaning it sells contemporary art for a fee and a share of the sale. The figures cover The Pace Gallery Limited, the company registered in London that runs the London space and owns subsidiaries in Hong Kong, Beijing, Seoul, Geneva and Berlin. They do not include Pace's operations in the United States or Tokyo.

Turnover, the total money a business takes in from sales, fell 2.6 percent. It dropped from US$67.7 million in 2024 to US$65.9 million in 2025. Costs rose faster than income. The cost of sales, the direct costs of making sales happen, went up 12 percent. Gross profit, what is left from sales after those direct costs, fell by US$7.4 million to US$12.8 million.

Cash in the bank tells a similar story. Year-end cash fell from US$34.8 million in 2023 to US$24.1 million in 2024, then to US$11.1 million in 2025.

Pace chief executive Marc Glimcher told ARTnews that the gallery had a record performance at Art Basel Paris in October. Art Basel Paris is one of the big art fairs, where galleries rent booths to show and sell work to collectors.

The same ARTnews report also looked at Lisson Gallery, another London-linked dealer. Its parent company, Art Holding Co. Limited, reported turnover up 9 percent, to US$130 million (£97 million), from US$119.42 million (£89 million) in the year before. Lisson's financial year ended on 31 January 2026.

A Lisson spokesperson said the group's global gross profit rose 6 percent over the year. The spokesperson also said that lower profits at Lisson Gallery London Limited and Art Holding Co. Limited came mostly from non-trading foreign exchange movements, which are gains and losses from swings in currency values rather than from selling art.

Hauser & Wirth, which runs galleries across several countries, saw its turnover fall 13.1 percent. Sales dropped from US$90.82 million (£68.29 million) in 2024 to US$78.93 million (£59.35 million) in 2025. The business still made a profit. That profit rose 51 percent, from £266,539 to £403,318.

Auction houses are also reporting. Phillips said its UK revenue fell 22.3 percent for 2025, according to ARTnews. The auction house said it expects 2026 to be one of the most successful years in its history, and it linked that outlook to a focused strategy.

The numbers show what each company earned and spent in its own year, which is not always the same as the calendar year.

For buyers and artists, the figures are a reminder that gallery sales move with the wider market, the costs of running shows around the world, and the value of different currencies. Each lost sale or cost increase affects the staff who install shows, pack and ship works, and manage the insurance on them.