INTERVIEW Marc Glimcher on Pace Gallery's expansion, changing art scene in Asia

Pace Gallery CEO Marc Glimcher poses at the gallery's Seoul outpost, Sept. 2, during his visit to the city for the headline exhibition, "Correspondence: Lee Ufan and Mark Rothko," timed to coincide with Frieze Seoul. Courtesy of Lee Soo-jin

Marc Glimcher, who has spent the last four decades in the family business of running Pace, one of the world’s most influential mega-galleries, is not afraid to acknowledge the art world’s core paradox — the tension between the ideals of transcendent creativity and the hard realities of commerce.

“Artists are creating something that’s purely of the spirit, but we’re hoping someone will actually spend money on it. And that’s because money is a symbol of reality, while art represents something beyond it. We’re essentially trying to exchange one for the other,” the CEO told The Korea Times during his visit to Seoul for the gallery’s headline exhibition, “Correspondence: Lee Ufan and Mark Rothko,” timed to coincide with Frieze Seoul.

“Art is a metaphor for our ability as human beings to find value in something that has zero utility or material worth,” he continued. In other words, its value is revealed in our willingness to spend money on something that “doesn’t do anything” in the practical sense — money that could otherwise be used for tangible necessities like a car, a home or food. Yet, we still do it anyway because we perceive a unique worth in it — a worth that influences our relationships, affects our emotions and even confers status.

So, the fact that people prize art so highly as a society and are inclined to “overpay” for it is woven into the very fabric of what art is, he noted, saying, “The money part is baked in, It’s part of the dynamic.”

But this doesn’t mean Glimcher sees today’s art market as free of glaring problems.

“The issue with the art world right now is that it has spent too much time focused on money and business and too little on the actual art,” he remarked.

The contemporary art market has experienced unprecedented growth over the past two decades, fueled by rapid globalization, technological advancements and the rise of one mega-city after another opening up to the art world. However, this unchecked expansion has also led to a shift in perspective — art as a final product is increasingly seen as just another asset class within the vast impersonal realm of macroeconomics, while its spiritual essence is virtually removed from the equation.

“And now we have a new generation of collectors, many of whom are not getting the magic the way the last generation did. And they are getting skeptical,” he added. “It’s important for us not to forget what we’re dealing with: the essential spirit of humanity. That’s why we can make a sales pitch in the first place — because these artists are doing something transcendent.”

A facade of Pace Gallery Seoul in Yongsan District / Courtesy of Pace Gallery

Asian art market

New York-headquartered Pace Gallery — which represents well over 100 big-name artists and estates, including Mark Rothko, Agnes Martin, Alexander Calder, Yoshitomo Nara and Lee Ufan — made its first overseas expansion in Beijing in 2008, a rare step for a Western gallery at the time.

Although challenging business conditions eventually led to the closure of its mainland China space 11 years later, the dealer continues to operate actively in Hong Kong. In 2017, it became one of the first international galleries to break into the Seoul market. And just this month, it announced the grand opening of its three-story Tokyo branch in the city’s Azabudai Hills.

The CEO emphasized that establishing a physical presence in key Asian cities, where a growing number of collectors with purchasing power are gradually reshaping the global art market, is a core aspect of Pace’s ethos.

A rendering of a facade of Pace Gallery Tokyo in the city's Azabudai Hills / Courtesy of DBOX for Mori Building Co., Ltd.

“You can’t just do it by remote control or through a broad distribution network. Cultural histories are extremely local and contained. To have influence — and to be influenced by these communities and artists — it was essential for us to make this move.”

He observed that the fresh ambition of rising collectors in the region, whether he was in Seoul, Tokyo or Taipei, felt reminiscent of the American collectors in the 1970s and ‘80s.

“And I’d like to point out that the Korean art market has not just been about money; this isn’t everybody buying something simply to flip it. It’s more about whose museum is bigger, whose collection is more impressive, who just got that incredible piece, or who’s funding this ridiculous exhibition. Believe me, the money aspect here is so refreshing compared to when it’s all about investment,” Glimcher continued.

With China and Hong Kong admittedly becoming less attractive to the art world, Seoul has emerged as a promising new magnet.

“This is among very few cities where it makes sense to have an art gallery. I’ve witnessed the ambitions of private collectors, museums, curators, the biennials and the artist community grow. Everywhere I go in the world, I say, if you want your art world to thrive, look at Korea. The model is there. And I’ve certainly seen Tokyo taking notice of what’s happening in Korea,” he said.

Installation view of "Correspondence: Lee Ufan and Mark Rothko" at Pace Gallery Seoul, featuring Mark Rothko's masterpieces from the 1950s and '60s / Courtesy of Pace Gallery

Therefore, in Glimcher’s eyes, everything his gallery does in Seoul — whether it’s hosting blockbuster shows featuring over 100 of Nara’s ceramic works or creating rare dialogues between masters like Rothko and Lee — is about tapping into that previously unnoticed passion and building relationships that go beyond commerce.

“Our job is to stand between the artists and the collectors and facilitate their dance. And when everybody gathers, you've got to turn up the music.”

The third edition of Frieze Seoul, held at COEX in southern Seoul from Sept. 4 to 7, attracted over 70,000 visitors throughout its four-day run. Courtesy of Frieze and Lets Studio

While the arrival of Frieze Seoul is often seen as the most prominent sign of the city’s ascent in the global art scene, Glimcher stressed that a more tangible indicator of Seoul’s status as an art hub is the substantial influx of major international galleries.

In addition to Pace, powerhouse dealers like Gladstone, Thaddaeus Ropac, White Cube, Perrotin, Lehmann Maupin and Tang Contemporary Art have established a foothold in Seoul over the past eight years, injecting new energy into a primary market that was once dominated by solid local players. This year, the city welcomed even more newcomers, including Massimodecarlo, which has branches in Milan, London, Paris and Hong Kong, and Berlin-based Meyer Riegger.

“There are six cities on planet Earth with a large number of international galleries: New York, London, Paris, Los Angeles, Hong Kong and Seoul. That’s it,” he said.

“So what Seoul has is a really rare phenomenon. This is a big deal. Sure, a fair is a wonderful way to bring everybody together, but you don’t see a Rothko show like ours at an art fair. Likewise, Ropac’s Frieze booth will be nice, but his Sean Scully show [at his gallery] will be amazing. Galleries are trying to connect and show they’re here for a reason, not just to be carpetbaggers.”