Major Art Galleries Keep Expanding Despite Post-Pandemic Losses
Recent UK filings disclose that Lisson, Thaddaeus Ropac, Pace, and David Zwirner are investing heavily in staff despite profit stagnation.
Newly released UK financial records reveal a race toward global expansion among leading art galleries—even as they grapple with profit stagnation in the aftermath of pandemic disruptions. Lisson, Thaddaeus Ropac, Pace, and David Zwirner all increased workforce spending, with some boosting wages by as much as 30 percent, while turnover and profit remained volatile.
Lisson reported a nearly 30 percent drop in revenue but kept hiring, paying £10.7 million in wages to a staff of about 100. At Thaddaeus Ropac’s London outpost, rising payroll costs and fluctuating profit haven’t stopped growth strategies or new spaces planned abroad. Meanwhile, Pace posted a 12 percent jump in profit for 2023–24, partly through its network in Asia and Switzerland. David Zwirner saw a modest loss, even though sales shot up by 27 percent—highlighting how escalating costs can consume increased revenue.
The filings, which exclude US-based activities, underscore the risk and ambition fueling the art market’s top tier. Despite uneven returns, these galleries are wagering that deeper investments in staff and overseas branches will ultimately secure a stronger foothold in a rapidly shifting global arena.
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