Pace Cuts 50 Workers and 50 Artists, Citing a “Broken” Gallery Model
Collecting Art, take a look Flowers on People by teamLab at Superblue Miami in 2021. The venture was one of Paces multiple forays into art and technology. photo Chandan Khanna/AFP via Getty Images The layoffs and reductions come amid ongoing market uncertainty and the disastrous collapse of crypto-backed art ventures, of which Pace was an early adopter. Just years after inaugurating its $100 million flagship building in Manhattan’s Chelsea neighborhood and positioning itself as a leader in the crypto art space, Pace Gallery has cut 50 artists from its roster and laid off 50 staff members in what CEO Marc Glimcher characterized as a “model correction.” The gallery’s roster of artists will decline by 30%, while staff will be reduced by about 20%, from 250 to around 200 employees, as reported by the New York Times and confirmed by Hyperallergic. In a statement shared with Hyperallergic, Glimcher claimed that “the current gallery model isn’t only broken, it’s unfixable.” “Every galler...