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PACE AND WILDENSTEIN, LEADING MODERN AND OLD MASTER ART DEALERS, IN NEW VENTURE TO CREATE FIRST COMPREHENSIVE INTERNATIONAL GALLERY

 NEW YORK, Oct. 28 /PRNewswire/ -- Two of the world's largest and most prominent art dealers, The Pace Gallery and Wildenstein, today announced they are combining resources in a new venture to establish the first comprehensive international art gallery.
 The ground-breaking collaboration brings together the leading 20th century gallery and the leading Old Master gallery. Together, Pace and Wildenstein will create an unprecedented international network able to provide new opportunities for leading artists and estates, as well as a broader range of services to museums and collectors. Terms of the transaction between the two family-owned institutions were not disclosed.
 The new venture, Pace/Wildenstein, will be headed by Arnold Glimcher, founder and president of The Pace Gallery, and by Alec Wildenstein and Guy Wildenstein, principals of Wildenstein & Co. Renato Danese and Douglas Baxter, formerly directors of Pace, will be executive directors of Pace/Wildenstein. Marc Glimcher, an associate director of Pace, will be director of operations of Pace/Wildenstein. Ryuichiro Mizushima, director of Wildenstein's Tokyo gallery, and David Ellis Jones, director of Wildenstein's London gallery, will also have these roles with Pace/Wildenstein.
 Peter Boris, an associate director of Pace, will be in charge of Pace/Wildenstein activities in Asia. As associate director of Pace/Wildenstein, Susan Dunne will be in charge of the Greene Street gallery. Bernice Rose, formerly senior curator of the Department of Drawings at the Museum of Modern Art, has joined Pace/Wildenstein as director of drawings, responsible for a new space devoted to drawings on the third floor of the 57th Street gallery.
 "Formally joining forces is the logical extension of a close relationship between our two galleries that goes back nearly 15 years," said Arne Glimcher. "Pace and Wildenstein are both compatible and complimentary. We share a passionate commitment to great artists and serious collectors -- and our range of works, geographic scope, and diverse clientele fit together perfectly in today's increasingly international art world. We are thrilled to be in partnership with an art institution of Wildenstein's unique quality. Together, we will have three New York exhibition spaces, significant international operations, an unmatched research and publications capability, and sufficient resources for prudent long-term growth worldwide. We believe this is the ideal time to build on the strong foundation already in place. We are very optimistic about the future."
 "For four generations, the Wildenstein gallery has represented the best traditions of art dealing," said Alec and Guy Wildenstein. "The Wildenstein name has long stood for connoisseurship, privacy and discretion in service to artists, collectors, and museums. We are proud to be entering into a partnership with a gallery that shares our values and sensibilities. We both believe the art must always come first. Together, we are confident we can create a new kind of gallery that has never before existed to serve the needs of the international art community."
 Pace/Wildenstein expects to provide a range of innovative services to collectors around the world, further expand an already unequaled publications program and research library, and stage important traveling exhibitions that draw on the full range of art and artists represented by both galleries, Initial exhibition plans for 1994 include a survey of the roots of modern drawing in the 19th and 20th centuries and a study of Picasso's works of the 1930s. Longer-term plans include opening offices in Los Angeles, Hong Kong and other key locations. In addition, the Wildenstein Institute will extend its catalogue raisonne publishing from the early 20th century to the present.
 The relationship between Pace and Wildenstein began in 1980 with their joint presentation of Louise Nevelson's 80th birthday exhibition, followed by such projects as Lucas Samaras - Pastels and the Jean Dubuffet retrospective. Most recently, Wildenstein's Tokyo gallery presented exhibitions of work by Agnes Martin and Nevelson.
 Founded in 1961, Pace is generally considered the leading gallery across the full range of 20th century art. Pace has long represented the artists Chuck Close, Jim Dine, Agnes Martin, Lucas Samaras, Saul Steinberg and the estates of Alexander Calder, Joseph Cornell, Jean Dubuffet, Alfred Jensen, Pablo Picasso, Ad Reinhardt, and Mark Rothko. In more recent years, it has also become the representative of Georg Baselitz, John Chamberlain, George Condo, Dan Flavin, Donald Judd, Robert Mangold, Claes Oldenburg, Robert Ryman, Julian Schnabel, Richard Serra, Joel Shapiro, and Antoni Tapies. The most recent Pace representation is the estate of sculptor Henry Moore. Well known for its publications, Pace has two New York exhibition spaces: uptown at 32 East 57 Street and downtown at 142 Greene Street.
 Founded in 1875 in Paris, Wildenstein opened its first gallery in New York just before the turn of the century, and is generally considered to have the largest private art holdings in the world. Acknowledged as the leading dealer in art of the 16th through 19th centuries, Wildenstein has an extensive collection of paintings, drawings and sculpture by such artists as DaVinci, Rembrandt, Rubens, Caravaggio, Fra Angelico, Velazquez, Fragonard, Watteau, Houdon, Monet, Van Gogh and Bonnard. Wildenstein & Co. Inc. will continue to operate as it always has in its established field. Wildenstein maintains one of the greatest art research libraries and archives in private hands. Based in New York at 19 East 64 Street, Wildenstein has operations in London, Tokyo and Buenos Aires. The Wildenstein Institute is located in Paris.
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 /CONTACT: George Sard of Sard Verbinnen & Co, 212-687-8080/


CO: The Pace Gallery; Wildenstein ST: New York IN: SU: JVN

Tw-WB -- NY042 -- 7829 10/28/93 11:06 EDT
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Date:Oct 28, 1993
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