In the latest example of how the art world is reordering itself in response to challenging gallery economics, three major players are joining forces to sell artwork on the secondary market (as opposed to sales of new work).
On Monday, Pace Gallery, with Emmanuel Di Donna of Di Donna Galleries and David Schrader, an executive vice president and chairman of global private sales at Sotheby’s, announced the start of Pace Di Donna Schrader Galleries — or PDS — a boutique enterprise that aims to operate on a global scale out of a new space on the Upper East Side.
“There are no great, great secondary galleries anymore,” Marc Glimcher, the chief executive of Pace, said in a recent interview, while acknowledging that Acquavella was one of the few exceptions. He added that the new gallery would try to emulate the “the David Schrader effect,” where a gallery “can distribute itself over a pre-existing network.”
Given the steep cost of operating brick-and-mortar spaces as well as of participating in multiple art fairs, several galleries have closed, merged or become virtual. Pace itself is carrying the expense of its new gallery in Chelsea, just a few years into its 20-year lease. “The art business is desperately in need of evolution — everybody knows that,” Glimcher said. “When a business gets this crammed up between expanding operating expenses and narrowing margins, it’s time for an evolution. It’s usually a time for consolidation as well, and this is that for sure.”
PDS is to begin operations early next year, to open its physical space in summer 2026 (in a location that has yet to be determined), and present a historical exhibition next fall (whose subject was not yet announced).
With access to Pace’s resources and locations in Los Angeles, London, Geneva, Berlin, Seoul and Tokyo — as well as its New York headquarters — PDS plans to build on Pace’s relationships with postwar artists and estates, as well as its history in the market. (Pace just celebrated 65 years since it was founded by Arne Glimcher.)
Di Donna, the founder of Di Donna Galleries, has over the past 15 years specialized in Surrealist, Modern and postwar art. Before opening his gallery in 2010, Di Donna was the vice chairman of Sotheby’s Impressionist and Modern art worldwide.
“Being able to share ideas and collaborate with like-minded people is important,” Di Donna said. “They have different types of networks and access to collectors and estates.”
Although Arne Glimcher is still heavily involved in Pace as well as his smaller satellite in TriBeCa, 125 Newbury, he said the new entity would provide “an extraordinary alternative to auctions” and that joining forces with new partners was an important step into the future. “They have a broader Rolodex than I do,” he said.
Since starting at Sotheby’s in 2017, Schrader has helped establish the auction house as an important secondary market platform. Having previously worked at J.P. Morgan Chase, Schrader — himself a collector — brought his experience in finance to the art world.
Schrader talked about PDS as one-stop shopping. “There are not a lot of people who are doing this exact model — which takes us from Impressionism and Modernism to contemporary,” he said, “to help people curate, buy and sell across a lot of different genres and time periods.”
As for why he decided to leave Sotheby’s, Schrader said he sought a more entrepreneurial opportunity. “I want to do something in my next chapter where I’m my own boss,” he said.
Given the market emphasis on contemporary art, Marc Glimcher said it was also important to preserve a certain kind of expertise.
“Where are the dealers with the great knowledge of Impressionism? Early Modernism? There’s only a few of us,” he added. “I was in Jean Dubuffet’s studio, I was in Agnes Martin’s studio. This knowledge is rarefied. And we don’t want it to get lost.”
Robin Pogrebin, who has been a reporter for The Times for 30 years, covers arts and culture.
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