Carol Vogel reports that the 17-year partnership between Old Master dealers Wildenstein and Arne Glimcher’s Pace Gallery has come to an end:
The separation is amicable, both sides said. Pace will go back to being the Pace Gallery, the original name it had when it was founded in 1960. It will continue to operate the spaces on East 57th Street and in Chelsea that had become PaceWildenstein, as well as Pace Beijing, which opened in 2008. (Mr. Glimcher would not comment on speculation that Pace is also opening a gallery in London.) The Wildenstein headquarters on East 64th Street in Manhattan had never taken Pace’s name and will continue to run as before. […]
Although the financial details are being kept confidential, hundreds of millions of dollars are said to have changed hands. Pace bought out Wildenstein’s portion of the inventory they jointly owned, which included works by Rothko, Barnett Newman and others. It also bought out Wildenstein’s 49 percent share of PaceWildenstein.
Inside Art: Powerhouse Gallery is Splitting Apart (New York Times)
