NewsEconomics
Covid-19 impact on US creative economy 'disproportionately' affects fine and performing arts, report finds
A new study from the Brookings Institution estimates losses of $150bn in creative industry revenue while calling for more federal support for cultural workers
NewsArt market
Senate investigation finds art market secrecy allowed Russian billionaire brothers, friends of Putin, to evade government sanctions
A detailed report calls the trade “the largest, legal unregulated industry in the United States” and recommends increased transparency and government oversight
Newscoronavirus
Cultural figures discuss ‘Art in the Time of Coronavirus’
The UN-sponsored event led by Christopher Bailey, the WHO’s lead on art and health, included art critic Jerry Saltz, Brooklyn Museum director Anne Pasternak, and artist Mona Chalabi
AnalysisArt market
Great Depression of the 21st century looms over the art market
As the IMF warns we are heading towards the worst economic slump in living memory, the art industry starts to fear a double dip recession
CommentArt market
‘I’ve always been wary of big business’: Paula Cooper on weathering adversity and building better social systems
The veteran New York dealer shares her concerns about the current coronavirus crisis—and what the art world needs to stay focused on
NewsEconomics
US coronavirus legislation could do more for the arts, Boston museums say
The coalition is asking for $6bn in federal aid, and to permanently expand the charitable giving deduction to encourage US taxpayers to donate to non-profits
NewsMuseums & Heritage
With ‘no reserves and no endowment’, Bloomsbury group’s country home needs £400,000 to survive
Charleston, a ramshackle farmhouse complete with painted interiors by Vanessa Bell and Duncan Grant, has launched an emergency crowdfunding appeal
NewsCoronavirus resources
Los Angeles councilman plans to create emergency grants for artists
Funding from development fees would be used to help artists and non-profits by the pandemic instead
CommentEconomics
Don’t forget to support our artists, the chroniclers of such crisis
Suzy Delvalle, the president of Creative Capital, urges us all to help artists hurt by the coronavirus pandemic
CommentPhilanthropy
Please send help: a letter to the Getty Trust
Our Los Angeles correspondent Jori Finkel asks the world's richest cultural organisation to support the city's struggling arts community during the coronavirus pandemic
CommentEconomics
US artists need a federal bailout now
Congress needs to protect this country’s creative workforce
NewsArtists
Here is a list of resources addressing the economic impact of coronavirus on the cultural sector
Organisations are offering medical emergency grants while other groups crowdsource data quantifying the impact of the health crisis on the cultural labour market
NewsArt Basel in Miami Beach 2019
UBS survey finds millennials are becoming more environmentally conscious in their art buying habits
Not collecting sustainably? OK, boomer
NewsLos Angeles
Affordability is the number one concern for artists in Los Angeles, report finds
A survey conducted by the non-profit Arts for LA warns that the city could lose its culture cache if it becomes too expensive for its creative class
News US politics
Goethe-Institut Los Angeles examines architecture and design amid housing crisis
A symposium bringing together architects and scholars from around the world takes place as homelessness surges in the state of California
NewsMuseum of Modern Art New York
Seven arrested at protest during MoMA’s public opening
Demonstrators blocked the museum’s entrance and sat in the street as they demanded the removal of Steven Tananbaum — a financier whose company owns $2.5bn in Puerto Rican debt — from its board of trustees
NewsInvestigation
Protesters call for removal of MoMA trustee linked to Puerto Rican debt crisis
As the museum opens an ambitious $450m expansion, activists are demanding that “vulture fund” investor Steven Tananbaum be taken off the board—but he is not the only trustee with financial interests in the island
NewsMuseums & Heritage
Rubin Museum restructures, reducing staff, hours and programmes, for ‘long-term sustainability’
The changes also include plans for immersive installations and artist residencies
NewsArt investment
The blue chip delusion: why investors should be wary of the brand name lure
Art is pitched as an asset class, but even big-name artists are not guaranteed to hold their value, let alone turn a profit
News US politics
Experts fear California's gig economy law may hit culture workers
Independent curators and handlers could be affected but no major changes predicted in museum recruitment practices
NewsMuseums
Building on credit: why museums like Lacma use bonds to fund ambitious expansions
Being rated by a credit agency can help an institution secure support for costly construction projects—and avoid over-extending itself
NewsEconomics
Sizing up salaries in the visual arts world
A US survey compares compensation for employees by age, job type and education level
NewsMuseums & Heritage
São Paulo's new millionaire governor João Doria proposes massive cuts to culture budget
Museums and cultural institutions in the Brazilian state prepare for closures and cancelled programmes
NewsEconomics
Trump wants to axe the NEA. Yes, again.
The administration points to private fundraising like crowdsourcing platform Kickstarter as a better way to support the arts
News US politics
NEA, Smithsonian museums and National Gallery of Art to reopen
A temporary budget deal ended the US government shutdown on Friday, allowing state-funded arts organisations to get back to work
NewsArt Basel in Miami Beach
The tax man cometh: new laws on sales tax pose problems for US art dealers
US Supreme Court decision is causing anxiety among dealers
NewsEconomics
What comes after the bailout for Greece’s art world?
As the country’s economy moves towards recovery, we asked art figures to reflect on the crisis and look towards the future
NewsEconomics
Digital platform aims to help artists get fair pay
Wagency, launched by the group Working Artists and the Greater Economy, has similar goals and methods to a labour union
AnalysisArt market
Rolling with the punches: how the art market bounced back
In 2008, Damien Hirst sold £111m of art as Lehman Brothers collapsed, triggering a financial crisis. A decade on, what has changed?
BlogIn the frame
Is Greece's 'modern-day Odyssey' finally over?
NewsEconomics
Andrea Fraser aims to hold US museum boards to account
The artist has compiled an exhaustive analysis of the political affiliations of trustees
NewsProtest
MoMA employees lead protest on eve of union negotiations
Around 250 staff members have been working without a contract since 20 May
NewsArt market
Sotheby’s earnings take a hit as demanding consignors and guarantors squeeze its commission margin
Just two paintings significantly damaged the auction house's bottom line in the second quarter
NewsPolitics
US dealers move against Trump’s proposed 10% tariff on Chinese art and antiques
Public hearings on the government’s plans are due to be held in Washington, DC in August
NewsEconomics
Grants aim to find solutions to Bay Area artists’ housing crisis
Among the projects to receive $25,000 from the California College of Arts is an affordable live/work space for emerging artists and designers in Stockton
CommentArt Basel 2018
Can the art market thrive in a sharing economy?
Melanie Gerlis on how millennials don’t seem to have the same collecting gene as previous generations
News
Unionised MoMA staff protest low wages during Party in the Garden fundraising gala
Around 250 workers are fighting for better pay and benefits, as the museum gears up to open a $400m expansion
CommentSaudi Arabia
Letter to the Editor: Saudi Arabia will collaborate with the world, not only France, to make its cultural heritage accessible
Al-Ula, the most important cultural heritage site in the north-west of the kingdom, will benefit from international standards in heritage preservation and planning
NewsInternational trade
UK art imports slump as Brexit looms
Falling pound may account for 21% drop in 2017, but exports to China have risen by 350%
NewsPolitics
NEA and other arts agencies given funding boost by Congress
After pushing to eliminate the agencies, US President Donald Trump reluctantly signed a spending bill that assures their survival for 2018
NewsArt crime
Picasso painting offered in money-laundering scheme, US feds say
London art dealer Matthew Green embroiled in case that involves attempted sale of a painting to an undercover agent to 'clean up' £6.7m, court documents state
News
The Met's new admissions fee goes into effect
Many visitors responded to the change with a shrug, although some were more critical of the mandatory charge
NewsPolitics
Trump wants to axe NEA and other culture agencies—again
The president’s 2019 budget includes a similar proposal to last year’s failed plan to defund America’s arts bodies
NewsArt market
Artists would do well to invest in their own work, study says
New research suggests that artists may be better off retaining equity in their own work than investing in the stock market
NewsEconomics
Are there any artists left in San Francisco?
City survey investigates the effect of tech boom rent rises on the arts sector
NewsTax
How the new US tax law affects the art world
President Trump today signed sweeping changes to the tax system that will impact wealthy individuals, art businesses and museums
NewsLaw
How Trump’s new tax plan could affect the art world
GOP proposal could result in fewer gifts to museums and less art on the market
NewsEconomics
Art means business in San Francisco
A new report finds that the city’s arts and culture sector generates $1.45 billion in spending each year
NewsEconomics
Outlook is sunny for museum employees, AAMD survey says
According to the organisations 2017 Salary Survey, released today, US institutional pay has increased at a higher rate than the overall jobs market
News
Andrea Fraser tracks down museum trustees' political donations
The artist says her project will examine how the US has become a plutocracy
News
NEA and other culture agencies spared the axe
Bipartisan spending Congressional bill even gives a small boost to their budgets
News
What does Trump's plan to abolish estate tax mean for collectors?
The plan could be a mixed bag for both wealthy market players and cultural charities
News
House Republicans join fight to save NEA
Bipartisan letter to budget committee urges an increase in funding
NewsEconomics
What does the election mean for France’s art market?
The country’s presidential election on 7 May could strengthen or derail the trade, with the emergence of far-right contender Marine Le Pen a particular cause for concern
News
Trump wants to axe NEA and other culture agencies
The president’s first federal budget proposal would also eliminate the National Endowment for the Humanities, the Institute of Museum and Library Services and the Corporation for Public Broadcasting
NewsEconomics
Economist Rachel Pownall to present online art market report at Tefaf Spring in New York
Her recent survey of art and antiques dealers revealed that 67% expected their online third-party sales to increase
NewsEconomics
Asian buyers helped bolster Sotheby’s revenue in 2016, auction house reveals
Tad Smith gives credit to the Eastern market during fourth quarter earnings call, as well as growing online sales and aggressive recruitment
NewsEconomics
Stake in $14.7m De Kooning painting among Steven Mnuchin’s assets
Trump’s nominee for treasury secretary listed the work as part of a dynasty trust, federal ethics filings reveal
NewsEconomics
France to increase funding for museums and acquisitions in 2017 budget
The minister of culture, Audrey Azoulay, said she understands the “difficulties” museums face in the wake of terror attacks
NewsEconomics
Sotheby’s sales down 31% this year amid overall auction market slowdown
Auction house’s chief executive Tad Smith did not sugar-coat the news to investors during Monday morning’s second quarter earnings call
NewsEconomics
Economist Clare McAndrew lured away from Dutch fair Tefaf to crunch numbers for Art Basel
Her annual global market report, now sponsored by the Swiss fair and UBS, will be published to coincide with next year’s Hong Kong edition
NewsEconomics
Little museum, big gift: Renaissance Society receives $1.5m in pledged funding for artist commissions and shows
The University of Chicago kunsthalle, content to stay small, focusses on producing new work
NewsEconomics
Brazilians put a brake on art buying at SP Arte
Local collectors were scarce as the country heads into a deep recession
NewsEconomics
It’s official: art sales fell in 2015
Annual Tefaf report shows 7% decline in a polarised market tilted toward the one-percent
NewsEconomics
Art world’s billionaires are slightly less rich
Forbes’ annual ranking of the world’s wealthiest people reveals that personal fortunes may have taken a hit, but the same names stay at the top
NewsEconomics
A tale fit for Homer: the decade-long odyssey of Athens’s National Museum of Contemporary Art
The saga behind a much-delayed home for the city’s contemporary art collection reflects many of modern Greece’s woes
News
The really white cube: New York’s culture groups less diverse than they think
Survey conducted by the city’s cultural affairs department finds workforce does not match up with demographics
NewsEconomics
Insurance rates drop back to pre-Hurricane Sandy levels
Premiums head south but conditions more onerous
News
Russia’s private museums defy the economic odds
Institutions are burgeoning in the face of sanctions and currency devaluation
NewsEconomics
China crisis puts global art market on alert
Buying was visible at the very top, but the confidence this gave is now on the wane
NewsEconomics
You can now adopt a work of art in the Brazilian jungle
Instituto Inhotim is looking for wealthy sponsors to fund its single-artist galleries
NewsEconomics
Million-dollar sales boost art loan industry
Report says business has doubled to $10bn in four years
NewsEconomics
Greek museums forced to close as funding runs out
“Cultural institutions on brink,” says curator of main exhibition at Thessaloniki Biennale
NewsEconomics
Art teachers 'paid the same as McDonald’s workers'
Artists join campaign that pushes for minimum-wage hike
NewsEconomics
French museum directors ordered to keep their expenses in check
Culture ministry cracks down after media reports that the Centre Pompidou’s former general director spent tens of thousands of euros on taxis
NewsEconomics
Soaring Swiss franc makes Basel more of a stretch for Europeans
Dealers from Switzerland acknowledge they need to be aware of buyers’ budgets at the fair
NewsEconomics
US arts funding by the numbers
Washington, DC, leads the nation in arts spending per capita, but which state spends the least?
NewsEconomics
Why should collectors get all the breaks?
Artists seek similar tax incentives for donating works to museums and auctions
CommentEconomics
Five more divisive years for museums and art galleries
The new Conservative government has so far kept quiet about its plans for the arts but the signs point to a fractious battle for resources between national and local institutions
CommentEconomics
There is method in the madness, even in a boom
Changing tastes, as much as changing economic conditions, could bring a halt to the seemingly inexorable rise at the top end of the market
NewsEconomics
Will California collectors take their secondary market business out of state?
Panel of federal judges say 5% resale royalty law can only apply to works sold within California
NewsEconomics
Boom to bust: Brazil's arts lose out as economy stalls
Funding squeeze causes museums and institutions around the country to postpone or cancel exhibitions
ArchiveMarch 2015
Regulation guidelines are an ‘impossible dream’
Some think the trade was more concerned about the risk of losing sales than its reputation, observed our editor-at-large in 2015
ArchiveFebruary 2015
Comment: it’s the economy, stupid—and the art market is no longer immune to its vicissitudes
While the 2008 global financial meltdown largely failed to dent sales, in 2015 our editor-at-large warned that the falling oil price experienced at the time could prove much more serious
ArchiveArt Basel
Deutsche Bank to back Art Basel Hong Kong
But usual sponsor UBS still keen on fair
ArchiveJanuary 2012
Market predictions for 2012: the outlook is mixed
Tough times lie ahead for galleries, but auction houses and art advisers could continue to prosper this year
ArchiveOctober 2011
Who will follow baby boomers into the art market?
Demographic change is probably the most important factor in shaping the market's future, wrote this expert in 2011
ArchiveEconomics
Lawyers, funds and money: How litigious is the art world?
And is litigation in the art world on the rise?
ArchiveArt market
Booming Chinese economy boosts art market
But emphasis is still on traditional works, with less understanding of contemporary art
ArchiveArt market
EU tax and regulation changes and more sales could allow the European art market to retain top spot over China
Yet the EU's share of the market is steadily declining and the US may already have lost its lead
ArchiveArt market
Auction guarantees are dividing the art trade
Insurance for sellers or market manipulation?
ArchiveJanuary 2011
Is the symbiosis between corporations and the arts an outmoded tradition?
Investment in art has become less popular among US companies when more commercial options are available
ArchiveMiami Art Week
Buyers and dealers unswervingly snapping up art at Miami fairs, despite economic slump
How young dealers are on the up
ArchiveDecember 2010
The market bounces back from the recession as big-ticket works sell for big-bucks
But despite strong headline sales, missed estimates and cautious collectors signalled that 2010 would not be a return to the wild days
ArchiveArt market
New books on art investment aim to capitalise on the emerging field
However, too much knowledge can be confusing... even when it is as well selected as this
ArchiveArt market
Trends in collecting: Are domestic collectors ready to take on the world?
While the Russians are branching out, Indian collectors don't stray far from home
ArchiveBasel
Basel's tunnel vision: Basel Kunstmuseum receives funding from Laurez Foundation for new extension
Local architects are responsible for plans to construct a tunnel that passes from the original site to the newly built annex
ArchiveJanuary 2010
Could the art market be undergoing a fundamental restructuring?
2010 will be a year of continued reshaping
ArchiveJuly 2009
How to beat the recession: cut costs, slash prices, don’t lie and be creative
During the Great Recession in 2009 we reported that gallerists must act "quickly and brutally" in order to survive
CommentMuseums
Museums must adopt new models to respond to the Covid-19 pandemic
Institutions need visionary leaders to find ways to adapt to a dramatically altered culture
Susan Lubowsky Talbott