Pace Gallery's British holding company has finally filed accounts that chart a bruising year for one of the world's largest dealerships. The Pace Gallery Limited, which sits above the firm's operations outside the United States and Tokyo, reported group turnover of $67.7 million for 2024, down sharply from $104.9 million a year earlier. A profit of $6.8 million in 2023 shrank to a pre-tax loss of just $2,429, a collapse the directors blame on a sector-wide contraction and clients growing reluctant to buy.

The filing, lodged with Companies House ten months after its deadline, also spells out the cost-cutting drive that followed. Sales in Britain fell to $4.1 million from $10.7 million, while net assets slipped to $2.5 million. The group says it cut 50 artists and 50 staff after chief executive Marc Glimcher announced the retrenchment in May, closed its Hong Kong space in October 2025, and reduced its exhibition programme to lower overheads. Severance of $1 million was paid to one departing senior manager, and $5.7 million was advanced to artists, of which $306,235 has been written off.

The most striking disclosure concerns the balance sheet. The UK company cannot repay $19.2 million owed to its American parent, The Pace Gallery LLC, so that debt will be converted into shares before the end of 2026. Pace insists the move is a routine capital-structure decision within the group and should not be read as a loss or a liquidity problem, arguing it simply reflects long-term investment in the British business more accurately as equity than as intercompany debt.

The accounts also look forward, pointing to a new secondary-market venture with Emmanuel Di Donna and David Schrader and a Berlin gallery opened in 2025 as reasons for confidence. A planned move from Hanover Square to a smaller Mayfair space on Grafton Street remains unconfirmed. The directors say the streamlined group is positioned to benefit if market conditions improve, despite continuing uncertainty over geopolitics and rising costs.