Pace Reports $5.6 M. Loss for International Business, With Glimchers Pledging to Keep It Afloat

Just days after filing its long-delayed 2024 accounts in the UK, Pace has filed its 2025 report, showing that its international business posted a $5.6 million loss last year.

The documents were filed with Companies House, the branch of the UK government that maintains annual records for businesses established there. They cover only The Pace Gallery Limited, the London-registered company that operates the gallery’s London space and owns its subsidiaries in Hong Kong, Beijing, Seoul, Geneva, and Berlin. Pace’s US operations are not included.

The 2025 filing shows that turnover—the UK term for revenue—was $65.9 million. That is well below 2023’s $104.9 million, but only a shade lower than 2024’s $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.

The figures help explain Pace’s decision in June to drop some 50 artists from its roster and lay off about 50 staff members globally. At the time, the Financial Times reported that the gallery’s London space in Hanover Square is on the market and that the gallery is eyeing a smaller location closer to David Zwirner.

The filings describe that cost-cutting plan directly, saying the gallery reduced its roster, cut “the number of full-time support roles,” and scaled back exhibitions in summer 2026. The number of international staffers affected is not outlined in the documents.

The new filings also come on the heels of journalist Julie Brener Davich’s three-part investigation into the gallery, which detailed “claims of ‘reckless’ executive spending.” While CEO Marc Glimcher told Brener Davich that the gallery had not spent on “frivolous and wasteful things,” 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.

In both filings, the gallery says the international business is “dependent on financial support” from The Pace Gallery LLC, its New York–based parent company. The UK company’s directors have “received assurances” from the parent, “together with Marc Glimcher and Arne Glimcher,” that support will continue and that they “will not seek repayment of monies due to them for at least 12 months” from the date the accounts were approved, unless all third-party liabilities have been met.

The 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.

In a statement to Artnet News, a Pace spokesperson characterized the conversation as part of “a broader global financial management strategy” that should not be interpreted as “a loss or liquidity issue for the UK business.” The conversation is intended to “strengthen the UK company’s balance sheet.”

Pace has yet to respond to a request for comment from ARTnews.

This is a developing story and will be updated.