Pace Gallery's chief executive says the mega-gallery has returned to profit and will soon open a new European space, pushing back against a week of headlines about its filed accounts. Marc Glimcher told ARTnews on Monday that the business had just staged a record fair at Art Basel Paris and sold out shows led largely by younger artists. Everything is turning, he said, and the gallery is already back in the black.

The reassurance follows filings that made uncomfortable reading. Pace's UK company published its 2024 accounts with Companies House ten months late, recording turnover of $67.7 million, down 35.5 percent from $105 million in 2023, and a pre-tax loss of $2,429 against a $6.8 million profit the year before. Turnover slipped a further 2.6 percent to $65.9 million in the 2025 accounts, published shortly afterwards. Glimcher described the figures as the product of a balance sheet shift, as the gallery reorganises how money moves between its units and makes each one more autonomous and self-sufficient.

The gallery has also been reshaping its property portfolio and its roster. In June it put its London building on the market in search of a less corporate space, and in September it began seeking tenants for part of its Chelsea headquarters. Glimcher insisted London remains a great market and that the gallery will never close there, saying he already has a couple of strong options for a replacement site of about the same size as its current 8,600-square-foot Hanover Square space, in a more prime location. The same month, Pace cut 50 staff and dropped 50 artists from its roster, including teamLab, John Gerrard, Glenn Kaino and Keith Coventry; it now represents 85 artists.

Glimcher framed the cuts as a matter of focus, saying the artists who left were ones the gallery was barely working with, and that doing less, better, served both sides. He added that the new approach is already paying off, pointing to an extremely profitable year in Los Angeles and to the lessons of the gallery's Berlin and Japan operations, which he called very instructive. The London announcement, when it comes, will make a lot of sense to everybody, he said.