Pace Cuts 50 Workers and 50 Artists, Citing a “Broken” Gallery Model

The layoffs and reductions come amid ongoing market uncertainty and the disastrous collapse of crypto-backed art ventures, of which Pace was an early adopter.

Pace Cuts 50 Workers and 50 Artists, Citing a “Broken” Gallery Model
"Flowers on People" by teamLab at Superblue Miami in 2021. The venture was one of Pace's multiple forays into art and technology. (photo Chandan Khanna/AFP via Getty Images)