Open Bid — Daily Morning Briefing on Stocks, Auctions, Luxury Market

June 5: Pace Gallery Drops 50 Artists; Bonhams Motorcycle Sale with 300+ Lots
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In this episode:

Pace Gallery Restructuring
- Cutting ~50 artists from roster of 135, reducing staff from 250 to 200
- CEO Marc Glimcher describes mega-gallery model as "unfixable"
- Locations: New York, London, Los Angeles, Hong Kong, Seoul, Tokyo, Geneva

Sagrada Familia
- 18th and final tower completed after 144 years of construction
- Pope scheduled to inaugurate
- Designed by Antoni Gaudi; long considered incompletable

Luxury & Fashion
- Zegna (ZGN) staging Summer 2027 runway show in Los Angeles today
- Villa Zegna invitation-only private club opens in Hollywood
- Zegna joins Dior, Gucci, and Louis Vuitton in staging shows outside traditional fashion week calendar

Auctions & Events
- Bonhams Motorcycles Online Summer Sale live through June 15 — 300+ lots, 250+ without reserve
- 100+ artists threaten legal action against Venice Biennale over Visitors' Lions prize
- London Gallery Weekend opens today — 120+ galleries participating

Week Ahead
- Sotheby's Magnificent Jewels — June 9, New York
- Christie's watches — June 10, New York
- Bonhams watches — June 11, London
- Phillips watches — June 13-14, New York
- Sotheby's watches — June 15, New York
- Bonhams National Automobile Museum — June 13, Reno

Links:
- ALT/FNDATA: https://www.altfndata.com
- Pace Gallery restructuring: https://news.artnet.com/market/pace-gallery-downsizes-cutting-artists-and-staff-2778584
- Sagrada Familia: https://www.theartnewspaper.com/2026/06/04/gaudis-sagrada-familia-finally-shakes-off-its-incompletable-tag-as-pope-prepares-to-inaugurate-tallest-and-final-tower
- Zegna LA runway: https://wwd.com/menswear-news/mens-designer-luxury/zegna-spring-2027-los-angeles-thom-browne-first-show-milan-fashion-week-1238638812/
- Venice Biennale legal action: https://www.theartnewspaper.com/2026/06/04/more-than-100-artists-threaten-legal-action-against-venice-biennale

Also from ALT/FNDATA:
- Closing Price — Mon-Fri at 5 PM ET
- Art Market — Tuesdays at 8 AM ET
- Luxury Spending — Wednesdays at 8 AM ET
- Auto Market — Thursdays at 8 AM ET

What is Open Bid — Daily Morning Briefing on Stocks, Auctions, Luxury Market?

Open Bid is your weekday morning briefing on the global auctions and marketplaces for luxury alternative assets. In under five minutes, host Sharon Obuobi delivers the key results, market data, and institutional developments across fine art, jewelry, watches, automobiles, and luxury goods — backed by proprietary data from ALT/FNDATA. Learn more about us at www.altfndata.com

OPEN BID — Friday, June 5, 2026
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[INTRO]

Good morning. It's Friday, June the fifth. I'm Sharon, and this is Open Bid from ALT/FNDATA.

[PACE GALLERY RESTRUCTURING]

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.

[SAGRADA FAMILIA]

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.

[LUXURY & FASHION]

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.

[AUCTIONS & EVENTS]

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.

[WEEK AHEAD]

Looking ahead in upcoming sales, we have
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 sale with National Automobile Museum on June 13th in Reno.

[OUTRO]

That is Open Bid for Friday, June the fifth. Closing Price is this evening at five PM Eastern.

I'm Sharon, from ALT/FNDATA. Check out our other shows this week from Art Market, Luxury Spending and Auto Market from us.

Have a good weekend, and tune again on Monday morning.