Overview
- The reductions, first reported Thursday, remove roughly 50 artists from a roster of about 135 and lay off about 50 employees from roughly 250 staff.
- Pace CEO Marc Glimcher called the move a “model correction” and said the current gallery model is broken and unsustainable.
- The gallery has not published an official list of dropped artists though multiple names have already disappeared from its website.
- Reporting says the New York Times story published before formal staff notifications, which caused confusion inside the firm and prompted a town hall.
- The change responds to years of rising costs and a softer contemporary art market and could push large galleries toward smaller rosters, more private sales, and tighter local programming.