Check the file "styles.css" of your template.
-> /templates/TemplateName/css/styles.css. The first lines are:

html, body, div, span, applet, object, iframe, h1, h2, h3, h4, h5, h6, blockquote, pre, a, abbr, acronym, address, big, cite, code, del, dfn, font, img, ins, kbd, q, s, samp, small, strike, sub, sup, tt, var, center, dl, dt, dd, ul, li, fieldset, form, label, legend, table, caption, tbody, tfoot, thead, tr, th, td {

    background: none repeat scroll 0 0 transparent;

    border: 0 none;

    font-style: inherit;

    font-weight: inherit;

    margin: 0;

    outline: 0 none;

    padding: 0;

    vertical-align: baseline;

}

Delete the line

vertical-align: baseline;

You can't reduce the space between the name of the artist and the images, because this is placed in a table. Name and images are in different rows.