“We see it as the optimal time to move back to Central,” a gallery spokesperson told ARTnews. “We believe this new location will better serve our community, enhance accessibility, and reduce our operational costs.”The gallery has not yet announced the opening date of its new space but said it is “working carefully and strategically to seize the best opportunity to launch the gallery as quickly as possible.”“Perrotin was one of the first Western galleries to open a permanent space in Hong Kong—the city remains critical for our Asian network,” the gallery added. “During this transition, Perrotin Hong Kong will remain fully operational and focused on our upcoming art fairs and museum exhibitions in the region for our artists.”Hong Kong is not the only major art hub undergoing change. New York and London have both seen a string of high-profile closures this year, including Blum Gallery, Venus Over Manhattan, and Marlborough Gallery. Earlier this month, Almine Rech announced that it would close its Mayfair location in London.The global art market continues to struggle to climb out of a slowdown that began two years ago. Last year, global art sales dropped by 12 percent, according to the most recent Art Basel and UBS Art Market Report. In Hong Kong, art transactions hit an eight-year low this fall, and dealers are feeling the pinch as collectors from mainland China tighten their purse strings. Lévy Gorvy Dayan also shuttered its Hong Kong gallery last year, citing “shifts in client behavior.”A Pace spokesperson earlier told ARTnews’s Daniel Cassady that its H Queen’s location was “no longer servicing us, and since our lease is expiring, like many other galleries, we are taking the opportunity to exit.” The closure does not mark a full retreat from the city, the gallery said, as it will maintain its Hong Kong and Beijing offices and remains open to considering new spaces if the right opportunity arises.Pace first launched in Hong Kong in 2014 with a gallery in the Pedder Building before relocating to H Queen’s, a 26-story tower that was initially billed as a hub for blue-chip dealers including David Zwirner and Tang Contemporary.