New York's Pace Gallery represents the estates and careers of 54 of the world's leading artists, such as Mark Rothko, Willem de Kooning, Robert Ryman, Agnes Martin, Jean Dubuffet, Chuck Close and Zhang Xiaogang. Artists whose clout helps push the gallery's annual sales above $400 million.
Owner Arne Glimcher, 73, is sailing through the recession with his four New York galleries, built over 5 decades, and expansion plans. His son Marc, 47, is overseeing a new space set to open in London next June with an exhibition of Alexander Calder works.
The elder Glimcher is grooming his son to take over the gallery. Marc has notably made some major moves, including the $310 million sale of Mark Rothko paintings he sold for J. Ezra Merkin, the financier who reportedly lost more than $1 billion through Bernie Madoff's Ponzi scheme. He also orchestrated the well-timed split from partner Wildenstein & Co. which is embroiled in a number of scandals.
But will the gallery's stable of high-profile artists stay with the second generation of this family- owned gallery? And will longtime clients maintain their relationship with Pace? The Wall Street Journal provides the outlook.