By Souren Melikian Published: January 9, 2009 LONDON: A new order is emerging in the art market and, in startling contrast to the broader economy, this calls for a celebration. That art would follow a separate course in the current global crisis was bound to happen because a fundamental characteristic singles it out among all […]
Chris Gill 7.1.09 Issue 198 – The Art Newspaper Artists in China are packing up their studios in overpriced venues such as Beijing’s 798 art district and Shanghai’s M50. For the Chinese art world 2008 has been a mixed bag. Foreign buyers are still the mainstay, and although the Beijing Olympics did bring an influx […]
Roland Augustine 19.11.08 Issue 196 – The Art Newspaper Art museums large and small depend on donations from art collectors to build and sustain their collections. By creating a tax incentive for these donations—donors receive a tax deduction for the fair market value of works of art they donate—the US Congress has supported the development […]
US budgets slashed, programming reduced and expansions haltedJason Edward Kaufman 8.1.09 Issue 198 – The Art Newspaper NEW YORK. A survey of art museums across the US has found that most institutions have lost at least 20% of the value of their endowments and directors are retrenching amid the worsening economic crisis. The survey of […]
Jason Edward Kaufman 8.1.09 Issue 198 – The Art Newspaper Museums make deep cuts in face of global financial crisis The Getty Trust president James Wood says its endowment has fallen by 25% from the $5.98bn reported on 30 June 2008—a $1.5bn loss—and that despite having made budget reductions and lay-offs last May before the […]
By Judd Tully NEW YORK—In a year of staggering changes and banner headline news, from the election of a new American president to the unraveling of a multibillion-dollar Ponzi scheme, the art market had its own rollercoaster ride of record-shattering marks and stomach-churning declines.Thanks to the seismic upheavals in the world equity markets, some newbie […]
Lucian Harris 7.1.09 Issue 198 When Mumbai recently came under terrorist attack, India’s art market had only just begun to contemplate the economic crisis. The signs had already started to appear—at a Sotheby’s Hong Kong auction in October, a painting by Indian golden boy Subodh Gupta failed to sell, when only six months earlier another […]
MUMBAI—Five canvases by Indian artist Nitai Das were withdrawn from an exhibition at the Jehangir Art Gallery in Mumbai after protests from the nonprofit organization Hindu Janajagruti Samiti, reports the Hindustan Times.Among the controversial canvases are a nude portrayal of a figure bearing a likeness to the deity Shiva and a portrait of Bharat Mata […]
8 Jan 2009, Pranava K Chaudhary, TNN PATNA: Leading contemporary artist Subodh Gupta is, what they say, paying back to his home state Bihar which saw the worst-ever floods last monsoon. He collaborated with his celebrity friends in the art world, and collected Rs 4.17 crore through online auction of their paintings for rehabilitation of […]
But Old Masters fared well, and inflation could prompt a recovery By Charles Paikert January 4, 2009 As the art world’s next major round of auctions begins this month, buyers and sellers will encounter a market as depressed as that for stocks and real estate. Auction and art fair sales in November and December were […]
