Pace Gallery has closed its expansive 22,000-square-foot space in Beijing’s 798 Art District. The gallery initially opened in the capital back in 2008, becoming the first US contemporary art space to make its way to the Middle Kingdom.
Pace Gallery had previously displayed works by such notable art giants as Sol DeWitt, Zhang Xiaogang and many others. The gallery does not currently have any ongoing exhibitions and has no plans to put on any others at its space in Chaoyang district.
It will maintain an office and a viewing space in Beijing, however, continuing to represent and support its locally-based artists, with plans to collaborate with other spaces in Beijing in the future, a spokeperson at the gallery told That's.
Competition among commercial art spaces has grown considerably over the years as more and more international galleries clamor towards China’s growing art market.
Pace Gallery will continue to operate its pair of galleries in Hong Kong and may be considering an expansion in the southern city in the future, according to Art News.
In that same Art News piece, an interview with Pace Gallery founder Arne Glimcher was cited, with the art dealer saying that the Chinese mainland’s exorbitant luxury tax rate on art purchases is a huge stumbling block for the development of China’s art industry.
[Cover image via Pace Gallery]