Economics

‘Build back beautifully’: new bill aims to support arts jobs with $300m federal grants and commissions programme

The bipartisan Creative Economy Revitalization Act is inspired by the New Deal-era Works Progress Association and the 1970s Comprehensive Employment and Training Act

Further cuts at SFMoMA end its film programme, art loan gallery and publishing platform

Seven staff will also lose their jobs as tightened budgets and low attendance impact operations

New French art market report finds auction sales dropped 19.5% to $25.5bn in 2020

The Conseil des Ventes Volontaires concludes that China dominates global auctions, accounting for $8.6bn of sales and 35% of the worldwide market

Biden wants to boost culture funding to historic levels as part of $6 trillion budget proposal

If Congress approves, the National Endowment for the Arts in particular would see its 2022 budget go up to $201m—the highest amount of government funding since its inception

‘Way too close to homeless already’: New York’s live models teeter on the brink

Henry William Oelkers, one of the most beloved artist’s models in the city, may be a dream subject, but the pandemic has exacted a heavy toll on everyone in a financially insecure profession

Economic reports reveal drastic loss of arts jobs in the US

In New York, two-thirds of posts in the creative sector are gone, while nearly a quarter of the workforce in Los Angeles has been cut

Art marketanalysis

Neoliberalism is distorting how we see art—is there no alternative?

While today’s art world has been shaped by the prism of price, our current economic model may not be inevitable

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

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

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

Art marketanalysis

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

Museumscomment

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

Art marketcomment

‘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

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

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

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

Economicscomment

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

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

Economicscomment

US artists need a federal bailout now

Congress needs to protect this country’s creative workforce

and

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

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

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

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

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

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

Experts fear California's gig economy law will hit culture workers

Independent curators and handlers could be affected but no major changes predicted in museum recruitment practices

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

Sizing up salaries in the visual arts world

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

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

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

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

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

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

Art marketanalysis

Rolling with the punches: how the art market bounced back

In September 2008, Damien Hirst sold £111m of art as Lehman Brothers collapsed, triggering a financial crisis. A decade on, what has changed?

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

The country's prime minister Alexis Tsipras officially announced the end of the economic bailout with a speech in Ithaca

Andrea Fraser aims to hold US museum boards to account

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

MoMA employees lead protest on eve of union negotiations

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

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

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

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

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

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

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

UK art imports slump as Brexit looms

Falling pound may account for 21% drop in 2017, but exports to China have risen by 350%

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

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

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

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

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

Are there any artists left in San Francisco?

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

Taxnews

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

Lawnews

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

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

Outlook is sunny for museum employees, AAMD survey finds

According to the organisation's 2017 Salary Survey, released today, US institutional pay has increased at a higher rate than the overall jobs market

Andrea Fraser tracks down museum trustees' political donations

The artist says her project will examine how the US has become a plutocracy

NEA and other culture agencies spared the axe

Bipartisan spending Congressional bill even gives a small boost to their budgets

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

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