Business · Companies · 4 hrs ago
Pace Gallery CEO says business is profitable and plans a new European location
Pace Gallery says it is back in the black after a period of financial change.
CEO Marc Glimcher said the gallery plans to open a new location in Europe fairly soon.
Its London property was put on the market, but Glimcher said the gallery will remain in the city and is considering a new site.
Pace’s UK company reported turnover of $67.7 million in 2024, down 35.5% from 2023, and a pre-tax loss of $2,429.
Its 2025 accounts showed turnover fell a further 2.6% to $65.9 million.
The gallery says balance-sheet changes explain the reported loss, as it shifts toward more autonomous and self-sufficient business units.
In June, Pace laid off 50 staff and removed 50 artists from its roster, which now includes 85 artists.
Pace says it is focusing its efforts and expects the new strategy to pay off as it moves ahead with a new European location.
Pace Gallery chief executive Marc Glimcher says the business is back in the black and plans to open a new European location fairly soon.
The gallery’s UK accounts reported a pre-tax loss of $2,429 in 2024, compared with a $6.8 million profit in 2023.
Its 2025 accounts showed turnover of $65.9 million, down 2.6 percent.
Glimcher said the accounts reflected a shift in how the gallery invests money and moves funds among its units.
Pace has been changing its property portfolio and is considering options for a new London location.
- Who
- Pace Gallery and its CEO, Marc Glimcher.
- What
- Glimcher says the gallery is profitable and plans a new European location, while responding to reports of financial losses.
- When
- Glimcher spoke to ARTnews on Monday; the article was published on November 2, 2026.
- Where
- The planned location is in Europe; Glimcher discussed London as a continuing market for Pace.
- Why
- Glimcher said the accounts reflect changes to the gallery’s balance sheet and a move toward more autonomous, self-sufficient units.
Marc Glimcher
Pace Gallery’s reported accounts
Profitability
Marc Glimcher
Glimcher said the business was already back in the black and had had an extremely profitable year so far.
Pace Gallery’s reported accounts
The 2024 accounts recorded a pre-tax loss of $2,429, compared with a $6.8 million profit in 2023.
Accounts
Marc Glimcher
Glimcher said the loss appeared because Pace was changing how it invested money and moved funds among its units.
Pace Gallery’s reported accounts
The accounts showed turnover fell to $67.7 million in 2024 from $105 million in 2023, and to $65.9 million in 2025.
Pace laid off 50 staffers and dropped 50 artists from its roster.
Pace announced it was seeking tenants for part of its Chelsea headquarters.
Pace published its 2024 accounts, recording a pre-tax loss of $2,429.
Pace’s 2025 accounts were published, showing turnover of $65.9 million.
Glimcher told ARTnews the business was back in the black and would open a new European location fairly soon.
- 2024 turnover
- $67.7 million, down from $105 million in 2023
- 2024 pre-tax result
- Loss of $2,429
- 2025 turnover
- $65.9 million, down 2.6 percent
- June staff cuts
- 50 employees
- Artists represented
- 85
- Current London premises
- Hanover Square, 8,600 square feet
What people are saying
We’re all off the bottom, we just had a record art fair at Art Basel Paris, and we’ve had sellout shows of primarily young artists—everything is turning
London is working very well. We are never going to close in London.
We did a balance sheet shift, which appears as a loss because we’re changing around the way we invest money and take money from other units and let the money flow through each unit independently