Key facts
- Pace Gallery is cutting 50 artists from its roster.
- Pace Gallery is reducing its staff by 50 employees.
- The cuts are attributed to challenges in the art market.
Pace Gallery, a prominent name in the art world, is implementing significant reductions, cutting 50 artists from its roster and laying off 50 staff members. These measures are a direct response to the prevailing challenges within the current art market. The decision highlights the economic pressures faced by even established institutions in the sector.