Pace Gallery Hong Kong Closes Exhibition Space Amid Art Market Shifts
Pace Gallery Hong Kong is set to close its exhibition space later this month, marking a significant shift in the city's art scene. The decision reflects broader challenges faced by Hong Kong's art market, including reduced spending from mainland Chinese buyers and a global art market slowdown.
The final exhibition at Pace Gallery Hong Kong, Alejandro Piñeiro Bello's showcase, will conclude on October 18. Despite this closure, Pace Gallery remains committed to Hong Kong and Greater China. It will continue supporting artists through its offices, museum collaborations, and regional presentations. The gallery's founder, Arne Glimcher, has not ruled out the possibility of reopening a space in Hong Kong if the right opportunity arises.
This closure is not an isolated incident. Last year, Lévy Gorvy Dayan also shut down its Hong Kong gallery, citing changes in client behavior. Pace Gallery itself had previously relocated within Hong Kong, moving from the Pedder Building to H Queen's in 2018. However, it has now decided not to renew its lease at H Queen's. This follows a trend of galleries leaving H Queen's, including Hauser & Wirth, Pearl Lam, and Whitestone.
While Pace Gallery's exhibition space in Hong Kong is closing, the gallery maintains its offices in both Hong Kong and Beijing. The art market in Hong Kong continues to evolve, with galleries adapting to changing conditions and client behaviors. Despite these closures, the city remains a significant hub for the art world, with many galleries and institutions continuing to operate and thrive.
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