Pace Gallery faces financial strain amid industry shifts

Pace Gallery is navigating significant financial instability, according to recent United Kingdom tax filings. The documents indicate the gallery recorded a loss of $5.4 million last year and is currently managing a $19.2 million debt-for-equity swap involving its United States parent company.

This financial pressure follows a period of contraction for the gallery. During the summer of 2026, Pace implemented an abrupt downsizing that resulted in the layoff of 50 employees and the removal of 50 artists from its roster. The gallery also closed its Hong Kong location in October 2025 and has placed its 8,600-square-foot London space on the rental market as it seeks a smaller facility.

The broader art market is seeing concurrent leadership transitions at other major institutions. Following the death of founder Marian Goodman in January 2026, the Marian Goodman Gallery has appointed Ebony L. Haynes as its first Senior Director, Global Head of Curatorial Affairs, while Rose Lord and Junette Teng have been named Co-Presidents.

Additionally, the European Nomadic Biennial Manifesta has announced a change in its executive structure. Founding director Hedwig Fijen has stepped down after 33 years, with Emilia van Lynden assuming the role of General Director and Catherine Nichols joining as Artistic Director. The new leadership team will oversee Manifesta 17, which is scheduled to take place in Coimbra, Portugal, in 2028.