Pace Gallery Revenue Fell 35.5% as Debt Swap Nears

Pace Gallery’s UK-led group reported a 35.5% revenue contraction in 2024, while its accounts disclose a planned $19.2 million debt-for-equity conversion with the gallery’s US parent. The figures quantify financial pressure within Pace’s UK-led group alongside its artist, staff, exhibition, and real-estate cuts, but they do not represent the whole global gallery.

 
 

What Pace’s 2024 Accounts Actually Cover

The Companies House filing history records the 2024 group accounts as filed on October 21, 2026, almost ten months after their December 31, 2025 deadline. The Art Newspaper published its report on October 27. Those dates describe the filing and the coverage; the financial period itself ended on December 31, 2024.

Companies House also lists accounts for the year ended December 31, 2025 as filed on October 26, but says the document is still being processed and will be available in ten days. That listing is not evidence of any 2025 revenue or profit figure. Until the underlying document appears, comparisons must stop at 2024.

The reporting entity is The Pace Gallery Limited, a UK company whose consolidated group includes subsidiaries in Europe and Asia. It is owned by The Pace Gallery LLC, the US parent, while the filings exclude Pace’s US and Tokyo operations. Calling the $67.7 million figure “Pace’s global revenue” would therefore be inaccurate.

That boundary matters because the New York headquarters sits at the center of the New York gallery landscape, yet its sales and operating costs are outside this UK-led group. The accounts are valuable precisely because they quantify a large international slice of Pace, not because they disclose the private dealer’s complete worldwide finances.

Infographic by Art in Context, based on The Accounts, The Art Newspaper.

 
 

A Two-Year Slide Turned Into a 2024 Break

Reading the 2024 accounts with the comparative figures in the previously filed statements produces a three-year view. Turnover eased in 2023, then fell much more sharply in 2024.

Year	Group turnover	Pre-tax result
2022	About $111.2m	About $6.2m profit
2023	$104.9m	$6.8m profit
2024	$67.7m	$2,429 loss

Turnover declined about 5.6% from 2022 to 2023 and 35.5% from 2023 to 2024. Across the two years, the reduction was approximately 39.1%. The sequence is more informative than the latest percentage alone: the 2024 result was an acceleration of an existing decline, not a one-year comparison with a flat prior period.

The directors attributed the reversal to contraction in the global and UK art markets and to clients’ reluctance to buy, which they said was most pronounced in 2024 and continued through 2025 and 2026. That is management’s explanation, not an independently established cause.

The geographic split shows where the contraction was especially severe. UK sales fell from $10.7 million in 2023 to $4.1 million in 2024, a decrease of roughly 61.7%. The filing records $60.5 million in sales to the rest of the world and says subsidiaries contributed about $48 million of group turnover.

At year-end, group net assets stood at $2.5 million, down from $4.5 million. Amounts due within one year were $49 million, compared with $50.8 million in 2023. Those figures show a thinner equity cushion, although they do not by themselves establish that the wider Pace organization lacked cash.

 

Pace Gallery in Geneva, photographed by Kalai Ramu and hosted by Wikimedia Commons under the CC0 1.0 Universal Public Domain Dedication; cropped.

 
 

Artist Advances Complicate the Contraction Story

The accounts also expose a part of dealer finance that headline revenue does not: advances paid to artists rose to $5.7 million from $2.9 million. In a commercial gallery, an advance can support an artist before works sell; it is not the same thing as buying inventory outright.

Pace wrote down $306,235 of artist advances as irrecoverable in 2024, compared with $9.4 million in 2023. The accounts connect such write-downs to the saleability of consigned works or of an artist’s work more generally. Higher advances and a much smaller write-down occurred in the same year, so the figures do not support a simple claim that Pace broadly stopped financing artists as revenue fell.

The statements also record $1 million in severance for one departing member of key management. Pace declined to identify that person, according to The Art Newspaper. The payment is disclosed; the recipient is not.

 
 

What the $19.2 Million Debt Swap Changes

The UK company says it cannot repay a $19.2 million intercompany balance owed to its US parent and plans to convert that debt into shares by the end of 2026. A debt-for-equity conversion replaces a creditor claim with ownership capital. It can strengthen the subsidiary’s balance-sheet presentation and remove a repayment obligation, but it does not create sales revenue or bring new cash into the gallery.

A Pace spokesperson told The Art Newspaper that the proposal is part of a broader capital-management strategy and should not be interpreted as a loss or a liquidity problem for the UK business. That is Pace’s position. The filing establishes the unpaid balance and planned conversion; it does not independently prove the spokesperson’s broader assessment.

The accounts separately report $9.4 million payable to the US parent on the group balance sheet, down from $17.3 million in 2023. The $9.4 million consolidated disclosure and the $19.2 million company-level balance answer different accounting questions, so treating them as interchangeable would distort the filing.

 
 

Downsizing Changes Which Art Gets Shown

In June 2026, Pace said it would remove about 50 artists and estates from a roster of more than 130 names and cut roughly 50 of about 250 staff positions. Artnet News reported that the gallery expected to focus on around 80 artists. Pace did not publish a complete, definitive list of every departure.

The accounts connect the smaller roster to fewer full-time support roles and resources, and connect a reduced physical footprint to fewer exhibitions and lower overhead. A smaller roster will concentrate Pace’s resources on fewer artists, although ARTnews reported that the gallery was still fulfilling current and ongoing commitments during the transition.

This is not an across-the-board withdrawal from Europe. Pace closed its permanent Hong Kong exhibition space in October 2025 while retaining offices in Hong Kong and Beijing, but it also opened a shared Berlin venue in May 2025. Pace’s Berlin announcement described a converted 1950s gas station shared with Galerie Judin, with a café and bookshop alongside the exhibition spaces.

The filings call Berlin a counter-cyclical investment and a European foothold. At the same time, Pace has explored sharing part of its eight-story New York headquarters and moving its London gallery from Hanover Square to a smaller Mayfair space. As of the October 27 report, Pace had not announced a completed London move.

Marc Glimcher, CEO of Pace Gallery, in 2018. Photograph by Kris Graves, hosted by Wikimedia Commons under CC BY-SA 4.0.

 
 

Revenue Fell 39% Across Two Years, but 2025 Is Still Unknown

The public record now establishes four points. The UK-led group’s 2024 turnover was $67.7 million, 35.5% below 2023; the longer 2022-to-2024 decline was about 39.1%; artist advances rose even as revenue fell; and the UK company plans to replace $19.2 million of parent-company debt with equity.

It also sets limits. These are not Pace’s complete global finances, and Pace’s assurance that the conversion is not a liquidity issue remains the company’s characterization. The 2025 accounts have been logged by Companies House but are not yet available to read, so the next year’s revenue, profit, artist-advance, and debt figures remain unknown. Completion of the debt conversion and the final shape of Pace’s London footprint are also unresolved.