Marc Glimcher, CEO of Pace Gallery, believes the global art world operates in 30-year cycles and is currently approaching the end of one era while preparing for the next. According to Glimcher, the past three decades have been characterized by what he describes as "super, hyper expansion," with galleries, art fairs, and auction houses growing at an even faster pace than the artists themselves.
"In the past 30 years, the art world has undergone a period of super, hyper expansion. The commercial aspect got overemphasized in those years," Glimcher explained during a September 1 interview at Pace Gallery in Seoul. He compared the current situation to a snake eating its own tail, noting that "it is very natural for a snake to eat its tail for a little while, then eventually it realizes what it's doing and stops. This is a very natural cycle – it trips over and then it gets to start again."
Glimcher observed that as more people became captivated by art, their fascination gradually shifted toward purchasing, leading many to focus primarily on commercial aspects rather than artistic meaning. He predicts that in the next cycle, both enthusiasts and professionals will naturally move away from commercial purposes and lean toward deeper meaning, emphasizing history and asking fundamental questions about art's true purpose. "What is interesting about art is not money, but that is why money got involved – because it was so interesting," he said.
Drawing parallels to the dot-com bubble of the late 1990s, Glimcher sees similarities in today's art scene. "The internet bubble seemed to die, but it became the basis of everything we do today. That's what's happening in art right now – what may appear as a bubble is actually creating fertile ground for the future," he explained. This perspective suggests that the current apparent excess in the art market may actually be laying the groundwork for future developments.
When discussing the future direction of Pace Gallery, Glimcher pointed to the current solo exhibition "James Turrell: The Return," which features five new installations by the American master of light. The exhibition includes a site-specific installation from Turrell's "Wedgework" series that transforms light into an illusion of walls and boundaries. "One thing that is next is James Turrell. He is the father of something that is coming," Glimcher stated. "The importance of art as an experience and a place – rather than as an object – will become central over the next 30 years. It won't be the only important thing, but it's one."
Pace Gallery has been actively experimenting with new directions by representing experiential artists such as teamLab, an international art collective that originated in Japan and combines art with technology to create immersive experiences. In April, teamLab Phenomena Abu Dhabi opened in the Saadiyat Cultural District of Abu Dhabi, United Arab Emirates, becoming the world's largest digital art museum dedicated to teamLab's evolving practice, spanning 17,000 square meters.
Glimcher traces the roots of these experiential artists back to the phenomenological artists from 1960s California, whom his father, the elder Glimcher, was the first to represent, including Turrell and Robert Irwin. "As the cycle renews, the art world will lose a bunch of people, and gain a bunch of others. That happens every 30 years," he predicted.
Regarding the evolution of art fairs, Glimcher believes they must transform beyond mere marketplaces, comparing the needed change to developments in the music industry. "People want it to be like a festival. Now we have music festivals all over the world," he said. "There are hints of what the art fairs might become – a festival. What is going to happen at Art Basel Qatar is going to be very different. It is like a combination of Art Basel Limited and a forum that will bring everybody together." Art Basel Qatar is scheduled to launch in February 2026, marking the first time the prestigious art fair will be held in the Middle East.
While Glimcher sees great potential in the Middle East art market, he remains cautious about opening a physical space there. "We have to reimagine what each physical gallery is going to do, because the core is the artist and global audiences," he explained. "Galleries, museums, art fairs and auction houses have all been paths connecting artists to global audiences. But all of them are outdated. They have to change as the way global audiences interact with the artists is evolving."
Pace Gallery was one of the first overseas mega-galleries to establish a presence in Seoul when it opened there in 2017. Glimcher describes Seoul as an "art paradise," citing its tax-free art market and high number of museums and collectors per capita. "The Korean art world is now connected to the whole international art world," he said. "You just have to keep following your cultural institutions – keep it international, keep supporting young artists, bold curators and passionate private museum owners. That's what has made Seoul so strong." His advice to art cities is simple: "Don't have a nervous breakdown."
The gallery has been actively participating in Frieze Seoul, which concluded its fourth edition at Coex in southern Seoul. Glimcher, who was raised in a family immersed in both science and art – his brother is a scientist – once considered pursuing either science or art himself but found both paths too solitary. Although his father was initially reluctant, the elder Glimcher eventually allowed him to join the gallery, advising him to "do your own thing." For 40 years now, Marc Glimcher has been carrying on the legacy of the gallery his parents founded in 1960.
"I like it when people go from curiosity to understanding, and as an art dealer, you get to witness that every day. You have to move from being a student in the artist's studio to being a teacher in the collector's world. That requires being both incredibly humble and incredibly confident," Glimcher concluded, reflecting on his role in bridging the gap between artists and audiences in an ever-evolving art world.
