\t\tRelated Articles<\/p>\n
\t\t\t\t\t\t![\"Pace](\"https:\/\/www.artnews.com\/wp-content\/themes\/vip\/pmc-artnews-2019\/assets\/public\/lazyload-fallback.gif\")
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\n\tThe 2025 filing shows that turnover\u2014the UK term for revenue\u2014was $65.9 million. That is well below 2023\u2019s $104.9 million, but only a shade lower than 2024\u2019s $67.7 million. Profitability fell much more sharply. Cost of sales rose 12 percent even as revenue slipped, and gross profit dropped by $7.4 million, to $12.8 million. Cash on hand at year end has also kept falling, from $34.8 million in 2023 to $24.1 million in 2024 and $11.1 million in 2025.<\/p>\n
\n\tThe figures help explain Pace\u2019s decision in June<\/a> to drop some 50 artists from its roster and lay off about 50 staff members globally. At the time, the Financial Times reported<\/a> that the gallery\u2019s London space in Hanover Square is on the market and that the gallery is eyeing a smaller location closer to David Zwirner.<\/p>\n \n\tThe filings describe that cost-cutting plan directly, saying the gallery reduced its roster, cut \u201cthe number of full-time support roles,\u201d and scaled back exhibitions in summer 2026. The number of international staffers affected is not outlined in the documents.<\/p>\n \n\tThe new filings also come on the heels of journalist Julie Brener Davich\u2019s three-part investigation into the gallery, which detailed \u201cclaims of \u2018reckless\u2019 executive spending.\u201d While CEO Marc Glimcher told Brener Davich<\/a> that the gallery had not spent on \u201cfrivolous and wasteful things,\u201d she reported frequent use of a private jet to court artists and clients, as well as an office revamp led by luxury consultant Alexander Gilkes, at whose initiative the gallery installed $12,000 coffee machines on each floor and stocked fridges with kombucha and $12 bottles of water.<\/p>\n \n\tIn both filings, the gallery says the international business is \u201cdependent on financial support\u201d from The Pace Gallery LLC, its New York\u2013based parent company. The UK company\u2019s directors have \u201creceived assurances\u201d from the parent, \u201ctogether with Marc Glimcher and Arne Glimcher,\u201d that support will continue and that they \u201cwill not seek repayment of monies due to them for at least 12 months\u201d from the date the accounts were approved, unless all third-party liabilities have been met.<\/p>\n \n\tThe filings also state that the US parent intends to convert the money it is owed by the UK company into equity, through the issue of new shares, by the end of 2026. At the end of last year, the UK company owed its parent $21.3 million. <\/p>\n