Pace Gallery has cut both artists and staff by half amid market uncertainty, citing a 'broken' gallery model. CEO Marc Glimcher stated that the current model is unfixable and they must pivot to one better suited for future needs.

The decision led to immediate panic among employees and confusion over which artists were being removed from the roster. Key removals include French photographer JR, painter Damian Loeb, and media artist Rafael Lozano-Hemmer.

While Pace has been expanding into new markets, including Asia, these initiatives have faced setbacks, leading to the closure of several branches and a general reduction in physical presence.

The move reflects broader trends in the art market with declining profits and gallery closures becoming more common. As galleries adapt or fail, the future of art curation and exhibition remains uncertain.