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Good morning. It's Friday, June the fifth. I'm Sharon, and
this is Open Bid from ALT/FNDATA.
Pace Gallery is cutting approximately 50 artists from its
roster of 135 and reducing staff from 250 to 200. Chief
executive Marc Glimcher has described the mega-gallery model
as "unfixable," stating that constant expansion and rising
prices in the primary market are no longer sustainable.
Pace is one of the world's largest galleries, with locations
in New York, London, Los Angeles, Hong Kong, Seoul, Tokyo,
and Geneva. The restructuring is one of the most significant
gallery-level corrections since the post-pandemic art market
boom.
In Barcelona, the Sagrada Familia has completed its 18th and
final tower after 144 years of construction. The Pope is
scheduled to inaugurate the tower. The basilica, designed by
Antoni Gaudi, had long been considered incompletable due to
the extreme complexity of the design and the loss of Gaudi's
original plans.
Zegna, ticker ZGN on the NYSE, is staging its Summer 2027
runway show in Los Angeles today. The show is accompanied by
Villa Zegna, an invitation-only private club in Hollywood.
Zegna joins Dior, Gucci, and Louis Vuitton in staging major
shows outside the traditional fashion week calendar.
Bonhams Motorcycles Online Summer Sale is live through June
15th, with over 300 lots and more than 250 offered without
reserve.
More than 100 artists have threatened legal action against
the Venice Biennale over the Visitors' Lions prize vote.
London Gallery Weekend opens today with over 120 galleries
participating across the city.
Sotheby's Magnificent Jewels on June 9th in New York.
Christie's watches on June 10th. Bonhams watches on June
11th. Phillips watches on June 13th and 14th. Sotheby's
watches on June 15th. Bonhams National Automobile Museum
on June 13th in Reno.
That is Open Bid for Friday, June the fifth. Closing Price
is this evening at five PM Eastern.
I'm Sharon, from ALT/FNDATA. Have a good weekend, and I
will see you on Monday morning.
