Economics

News
Economics

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

News
Art 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

News
coronavirus

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

Analysis
Art 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

Comment
Museums

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

Comment
Art 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

News
Economics

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

News
Museums & 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

News
Coronavirus 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

Comment
Economics

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

Comment
Philanthropy

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

Comment
Economics

US artists need a federal bailout now

Congress needs to protect this country’s creative workforce

News
Artists

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

News
Art Basel in Miami Beach 2019

UBS survey finds millennials are becoming more environmentally conscious in their art buying habits

Not collecting sustainably? OK, boomer

News
Los 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

News
Museum 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

News
Investigation

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

News
Museums & Heritage

Rubin Museum restructures, reducing staff, hours and programmes, for ‘long-term sustainability’

The changes also include plans for immersive installations and artist residencies

News
Art 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

News
Museums

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

News
Economics

Sizing up salaries in the visual arts world

A US survey compares compensation for employees by age, job type and education level

News
Museums & 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

News
Economics

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

News
Art 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

News
Economics

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

News
Economics

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

Analysis
Art 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?

Blog
In the frame

Is Greece's 'modern-day Odyssey' finally over?

News
Economics

Andrea Fraser aims to hold US museum boards to account

The artist has compiled an exhaustive analysis of the political affiliations of trustees

News
Protest

MoMA employees lead protest on eve of union negotiations

Around 250 staff members have been working without a contract since 20 May

News
Art 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

News
Politics

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

News
Economics

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

Comment
Art 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

Comment
Saudi 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

News
International 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%

News
Politics

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

News
Art 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

News
Politics

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

News
Art 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

News
Economics

Are there any artists left in San Francisco?

City survey investigates the effect of tech boom rent rises on the arts sector

News
Tax

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

News
Law

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

News
Economics

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

News
Economics

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

News
Economics

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

News
Economics

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

News
Economics

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

News
Economics

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

News
Economics

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

News
Economics

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

News
Economics

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

News
Economics

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

News
Economics

Brazilians put a brake on art buying at SP Arte

Local collectors were scarce as the country heads into a deep recession

News
Economics

It’s official: art sales fell in 2015

Annual Tefaf report shows 7% decline in a polarised market tilted toward the one-percent

News
Economics

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

News
Economics

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

News
Economics

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

News
Economics

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

News
Economics

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

News
Economics

Million-dollar sales boost art loan industry

Report says business has doubled to $10bn in four years

News
Economics

Greek museums forced to close as funding runs out

“Cultural institutions on brink,” says curator of main exhibition at Thessaloniki Biennale

News
Economics

Art teachers 'paid the same as McDonald’s workers'

Artists join campaign that pushes for minimum-wage hike

News
Economics

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

News
Economics

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

News
Economics

US arts funding by the numbers

Washington, DC, leads the nation in arts spending per capita, but which state spends the least?

News
Economics

Why should collectors get all the breaks?

Artists seek similar tax incentives for donating works to museums and auctions

Comment
Economics

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

Comment
Economics

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

News
Economics

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

News
Economics

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

Archive
March 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

Archive
February 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

Archive
Art Basel

Deutsche Bank to back Art Basel Hong Kong

But usual sponsor UBS still keen on fair

Archive
January 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

Archive
October 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

Archive
Economics

Lawyers, funds and money: How litigious is the art world?

And is litigation in the art world on the rise?

Archive
Art market

Booming Chinese economy boosts art market

But emphasis is still on traditional works, with less understanding of contemporary art

Archive
Art 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

Archive
Art market

Auction guarantees are dividing the art trade

Insurance for sellers or market manipulation?

Archive
January 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

Archive
Miami Art Week

Buyers and dealers unswervingly snapping up art at Miami fairs, despite economic slump

How young dealers are on the up

Archive
December 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

Archive
Art 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

Archive
Art 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

Archive
Basel

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

Archive
January 2010

Could the art market be undergoing a fundamental restructuring?

2010 will be a year of continued reshaping

Archive
July 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