Sources report that Pace Wildenstein slashed employee wages 10-16% last week before announcing layoffs today; numbers are unconfirmed, though at least two lost their positions with the gallery. The decision adds to unease felt amongst many arts professionals working in increasingly difficult economic times, as many New York institutions have downsized their staffs and in some cases, closed. Pace delivered their decision following similar news from Gagosian gallery. Thus far, Gagosian has only gone so far as to freeze raises; rumors that the gallery will institute these cuts are reportedly making their rounds. Both Gagosian and Pace Wildenstein have been contacted for comment. Neither returned yesterday’s email messages or phone calls.
Paddy Johnson is the editor of Art Fag City.