It has been a summer of change for Pace Gallery, and its 2024 accounts that were filed 10 months late with Companies House, the British government’s business register, reflect that. The group’s turnover totaled $67.69 million in 2024, a 35.5 percent drop from 2023, which cashed in $104.95 million. A pre-tax loss of $2,429 was recorded for 2024 compared to a $6.8 million profit for 2023. (The mega-gallery’s UK registered company, The Pace Gallery Limited, serves as the umbrella company for its operations in Europe and Asia, excluding Tokyo as well as the US.) “This reflected a continuation of the sector-wide contraction in global and UK art markets as well as a continued reluctance by some clients to buy which became most pronounced in 2024 and continued through 2025 and into 2026,” Pace Gallery said in the filing. “The market conditions led the directors to initiate cost saving measures across the group, but despite these measures, difficult market condit...