In the wake of public retrenchment over the summer, Pace Gallery\u2019s UK registered company, which serves as the parent company for all of the firm\u2019s operations outside the US and Tokyo, has filed its 2024 accounts with Companies House.<\/p>\n
The accounts\u2014which were due at the end of December 2025 and filed ten months late\u2014report earnings for The Pace Gallery Limited (\u201cthe company\u201d) and various subsidiary undertakings in Asia and Europe (\u201cthe group\u201d).<\/p>\n
The group incurred a pre-tax loss of $2,429 in 2024, compared to a profit of $6.8m in 2023. Such a drop, the directors\u2019 report states, reflects a “continuation of the sector-wide contraction in global and UK art markets as well as a continued reluctance by some clients to buy which became most pronounced in 2024 and continued through 2025 and into 2026”. These market conditions led the directors to “initiate cost saving measures across the group, but despite these measures, difficult market conditions continued”.<\/p>\n
Total group turnover stood at $67.7m in 2024 (2023: $104.9m), of which some $48m was contributed by its subsidiaries. Only $4.1m of this was sold to the UK (2023: $10.7m) while $60.5m went to the rest of the world.<\/p>\n
Net assets amounted to $2.5m as of the end of 2024 (2023: $4.5m), of which $9.4m (2023: $17.3m) was payable to the US parent company, The Pace Gallery LLC. Debts and other amounts owed falling within one year stood at $49m, compared to $50.8m at the end of 2023.<\/p>\n
Cost-cutting measures<\/p>\n
Although the filings refer to 2024 results, late filing meant they also outline cost-saving measures implemented this summer. \u201cThroughout 2025 the group developed a comprehensive plan to refocus the gallery’s mission by streamlining strategy, reprioritising relationships with artists and collectors, and reducing operating expenses,\u201d the report says. This plan was first announced by Pace\u2019s chief executive Marc Glimcher in May, when he told The New York Times that the gallery was cutting 50 artists and 50 staff. Such a diminished artist roster, the filings say, \u201creduced the number of full-time support roles and resources\u201d needed, hence the concurrent staff cuts.<\/p>\n
The group\u2019s global footprint has also been scaled back, the filings say, \u201cwhich decreased the number of exhibitions the group is engaging in, as well as lowering overheads\u201d (the gallery\u2019s Hong Kong space was shut in October 2025). Such consolidation \u201cwill allow the group to focus its resources, better support its artists and collectors, and return to a more efficient and profitable approach,\u201d the filings say. Furthermore, only last month it was reported that Pace is seeking a tenant to share its enormous eight-storey New York headquarters<\/a> in order to share operating costs.<\/p>\n