The 22,000 sq ft Pace Gallery in the 798 Almine Rech of Beijing, which opened in 2008, is to close. The move is a response to rising tensions with the US on art import and export duty. Arne Glimcher, the gallery's founder, told ARTnews that it is "impossible to do business in mainland China", adding that a 39% tax on luxury works purchased in mainland China is negatively impacting commercial galleries. Other blue-chip galleries planning to open in mainland China are Art District, Levy Gorvy, Hauser & Wirth and Lisson.
The 22,000 sq ft Pace Gallery in the 798 Art District of Beijing, which opened in 2008, is to close. The move is a response to rising tensions with the US on art import and export duty. Arne Glimcher, the gallery's founder, told ARTnews that it is "impossible to do business in mainland China", adding that a 39% tax on luxury works purchased in mainland China is negatively impacting commercial galleries. Other blue-chip galleries planning to open in mainland China are Almine Rech, Levy Gorvy, Hauser & Wirth and Lisson.