Pace Gallery's UK-registered parent company filed its 2024 accounts roughly 10 months late, according to a review of the filings by The Art Newspaper, showing a pre-tax loss where the company had reported a $6.8 million profit in 2023. Group turnover fell to $67.7 million from $104.9 million, UK sales dropped to $4.1 million from $10.7 million, and net assets fell to $2.5 million from $4.5 million. The filings also disclose $19.2 million owed to Pace's US parent company, with a debt-for-equity swap planned by the end of 2026.
Directors cited "sector-wide contraction" in both the global and UK art markets as the reason for the decline. The numbers arrive against a backdrop of visible retrenchment at the gallery: Pace cut roughly 50 artists and 50 staff in 2025, closed its Hong Kong space in October of that year, and has been seeking a co-tenant to share its New York headquarters.
Pace chief executive Marc Glimcher pushed back on the framing of the numbers as a sign of distress, telling ARTnews the gallery is weighing "a couple of amazing choices" for a new London property and intends to keep acquiring artists rather than continuing to shrink. A Pace spokesperson described the debt-for-equity swap as "a capital structure decision," not evidence of a liquidity problem. The gallery has continued some expansion even amid the cuts, opening a Berlin space in 2025 and entering a secondary-market partnership through Pace Di Donna Schrader Galleries.
The disclosures are notable chiefly because they are public at all: privately held galleries rarely release detailed financials, and Pace's numbers offer one of the clearest public windows yet into how a top-tier contemporary art dealer is navigating a broader market slowdown. Whether Glimcher's talk of a new London location signals genuine confidence or simply an attempt to reassure artists and collectors will likely become clearer once that decision, which Pace says is still pending, is actually made.
