Uma Jeddy, Contributing Photographer

Last Friday, Marc Glimcher, CEO of the Pace Gallery and world-renowned art gallerist, came to Yale to speak on the future of the art market. In a discussion moderated by School of Management professor Magnus Resch, Glimcher spoke about the ebbs and flows of the art market, the relationship between artists and collectors and the “value” of art. 

The event was organized by the Yale Blockchain Club and the SOM Arts and Culture Club. When asked about his most important takeaways, Glimcher told the News that the art world is a closely-tied reflection of society. 

“[The art world] isn’t a disconnected ivory tower,” Glimber told the News. “It is interwoven into our whole society. It is about extending the perception of humanity.” 

To many, the art world may feel distant and only relevant to a select few. And while it can be an exclusive space, Glimcher said that art has a fundamental purpose: to evoke a shared feeling.  This understanding of art, he said, is one that people need to invest in. 

Glimcher and Resch discussed the current art market recession and the state of the art market. According to the two experts, the art market has been in somewhat of a decline. Due to interest rates, coupled with global instability, the art market has lost a lot of its speculators, according to Glimcher. A speculator is an investor who makes short-term investments in hopes of high returns. 

“We lost a lot of enthusiasm and confidence amongst the collectors because of the macroeconomic situation,” stated Glimcher.

Many art galleries have seen revenue declines of over 50 percent, shared Resch. He said that more people are consuming art visually than physically buying art. According to Glimcher what the art industry needs is for the demand for art to rise higher than its supply. 

Discussing the communication pathways in the art world, Glimcher shed light on how galleries play the intermediary role between the artist and the collector. Nowadays, another player has entered the art market: art advisors. 

Art advisors introduce artists and works to a certain client and have aided gallery growth. Their presence can mean that art gallerists, who manage art advisors, may not have as close personal relationships with individual collectors.

Turning to the topic of art itself, Glimcher said that the art world faces danger when it focuses its efforts only on “one-hit wonders.” He emphasized the importance of retaining the core value of art.  

“We need great art, and we need great storytelling. We do need people, collectors out there, who are devoted to discerning something,” said Glimcher. 

Art is provocative, and that’s perhaps what makes it beautiful, according to Glimcher’s lecture. 

At the end of the panel, Glimcher spoke directly to the artists in the room. His advice: protect your art rather than just your career. According to Glimcher, artists are born with a gift to tease a thread out of humanity’s collective unconscious. 

An audience Q&A followed the panel discussion. Attendees were eager to ask questions to the CEO of one of the biggest contemporary art galleries in the world. Questions spanned from when gallerists like Glimcher add artists to their Rolodex to an intermediary’s potentially negative impact on artists. 

“Today’s event gave us the opportunity to hear from the other side who we are marketed to, and you don’t frequently get to hear those voices firsthand,” said Taisha Carrington ART ’26. “That’s the important part. Firsthand. The opportunity to hear it straight from the horse’s mouth is rare, so that’s what brought me here, I was not going to miss it.”

A first-year student in the master’s sculpture program, Carrington said that one of the main priorities of the program is to understand the art market. She said that those in the master’s program consider themselves artists who may be pursuing an advanced degree to go into education or to simply expand their art practice — or both. 

The School of Art’s master’s program allows its students to interact not only with the SOM, but also with various players in the art sphere from art historians, to buyers, to collectors. 

The hour-long event also reflected the close friendship between Resch and Glimcher. 

“Marc is one of the visionaries in space,” said Resch, reflecting on their 10-year friendship.   “I’m from the outside and I didn’t grow up with much art around me. So I’ve always asked a lot of questions and Marc has asked himself the same questions, but he comes from the inside so it’s always fascinating to learn from him.” 

Providing an informative and engaging panel, Resch and Glimcher volleyed back and forth and challenged each other’s ideas. 

Austin Cai SOM ’25, co-president of Yale Blockchain Club, said that he hoped for audiences to learn about blockchain technology and digital art. Cai, a previous student in Resch’s art and entrepreneurship class, was motivated to understand how technologies such as blockchain can apply to various industries, including art.  

Magnus Resch’s “Entrepreneurship in the Art Market” is offered at Yale School of Management every fall.