Could Talks Between Sotheby’s and Pace Gallery Signal a New Era for the Art Market?
Sotheby’s and Pace Gallery are currently negotiating over a deal that would see the auction house make a significant investment in the mega-gallery. While nothing has been inked yet, and the details appear to be very much in flux, a source close to the negotiations told ARTnews that it was not an acquisition, but a “joint venture between Pace and Sotheby’s that will be multifaceted and has many elements. Let’s call it a ‘new model.’” The news, while potentially momentous, is not entirely unexpected for those in the industry. Rumors have swirled for weeks that Pace has been in talks with Sotheby’s about either a major investment, a merger, or even an outright acquisition. Related Articles Such a deal would come at a time when the art market is sluggish. Throughout last year art dealers have spoken about tough market conditions and a shaky financial climate. Pace has a large overhead, sources said. In addition to branches around the world, the gallery has an eight-story, 75,000 square foot headquarters on 25th Street in Chelsea. Opened …