Displaying items by tag: Economy

Could ArtPrize do what it did for Grand Rapids, Michigan in Dallas? That’s what the city is hoping — and that’s why they entered a three-year charter agreement to bring the art competition to the Lone Star State. The 2014 edition of ArtPrize in Grand Rapids covered every part of the city with art by both amateur and established artists, bringing in over 400,000 visitors to the city and creating a $22.2 million dollar economic impact.

“ArtPrize Dallas will create a lasting impact on the culture of Dallas by engaging and nurturing future artists and promoting a meaningful discussion of art and its role in society,” said Dallas mayor Mike Rawlings in a statement."

Around the corner from the loft apartments that were once Manchester's fabled Hacienda club, hemmed in by railway arches on the site of an old gas and dye works, Britain's cultural economy is being rebalanced. Next spring, Home will open as the largest multi-arts complex to be built since the Brutalist concrete ramparts of the Barbican in London were breached by the public more than three decades ago.

Amid political talk of narrowing the economic divide between the rest of the country and London with promises of £15bn fleets of high speed trains, motorways and digital highways, Home has come to symbolise the determination of Britain's northern cities to close the artistic gap.

In an effort to stimulate Spain’s cultural economy, the country’s government has brought the sales tax for works of art from 21% down to 10%. Spain’s Deputy Prime Minister, Soraya Saenz de Santamaria, said, "It is a measure to support creators of works including paintings, sculptures, art galleries, art dealers, antique dealers and the world of plastic arts in general."

Back in 2012, Spain’s government attempted to put a cap on rising public deficit by raising the general sales tax to 21% from 18%. Spain’s Prime Minister Mariano Rajoy and his conservative government hope that lowering the tax will help promote and defend culture in the country. 

In an effort to connect more directly with the global museum community, the Metropolitan Museum of Art will host the inaugural “Global Museum Leaders Colloquium.” The two-week program is slated to take place in April 2014 and will bring together over a dozen directors from Asia, Africa and Latin America. The colloquium will explore the major challenges that museum directors face including conservation issues and the well-being of the global economy.

The Met has been an international institution since its founding in 1870 and has continued to collaborate with museums across the globe through exhibitions, excavations, training and research projects. In addition, the museum runs a number of programs that bring international curators, conservators and scholars to New York.

Thomas P. Campbell, Director and CEO of the Met, said, “I wanted to establish a program that would strengthen our existing ties with our overseas peers and encourage a more focused dialogue between museum leaders.”

Sicily: Art and Invention between Greece and Rome will not go on view at the Cleveland Museum of Art as previously expected. Sicilian officials claim that the loan has been hurting the island’s economy and have called off the traveling exhibition, which was slated to open at the institution in September.

 The show features 145 objects that celebrate the Greek culture that dominated Sicily between the 5^th and 3^rd centuries, B.C.E. Highlights include a statue of a charioteer that measures six feet tall and a gold libation bowl, both of which are popular tourist attractions. The works are typically displayed at the Whitaker Villa on the tiny island of Mozia off of Sicily’s main landmass.

 Sicily: Art and Invention between Greece and Rome is currently on view at the J. Paul Getty Museum in Los Angeles through August 19, 2013. The Getty has offered to cover the Cleveland Museum of Art’s costs, which were to be shared between the institutions.

The Michigan state Senate has taken measures to protect the Detroit Institute of Arts’ (DIA) works from being sold as a means to help revive the city’s grim economy. On Tuesday, June 4, 2013, the Senate’s General Government Committee approved a bill that aims to codify the ethical standards implemented by the American Alliance of Museums, which bans institutions from selling artworks for any reason other than the enhancement of its collection.

The Senate decided to take action after Detroit’s emergency manager Kevyn Orr asked for an appraisal of the DIA’s collection. Orr was considering whether the museum’s multi-billion dollar collection could be considered an asset to Detroit, which could potentially be sold to help cover the city’s $15 billion debt. Orr’s inquiry sparked an immediate reaction and DIA hired bankruptcy lawyer Richard Levin of Cravath, Swaine & Moore to protect the collection from any possible losses.

DIA is a unique public museum as Detroit retains ownership of its building and collection while a separate nonprofit institution manages its day-to-day operations. DIA’s collection includes major works by Pieter Bruegel the Elder (1525-1569), Henri Matisse (1869-1954), and Vincent van Gogh (1853-1890). Many of these masterpieces were donated by the city’s finest collectors, some of who have put restrictions on the works stipulating what DIA or the city can do with the works.

The bill, which was approved on a 5-0 vote, will now move to the full state Senate where it will be reviewed later this week.

In a last-ditch effort to help revive Detroit’s dismal economy, emergency manager Kevyn Orr has asked for an appraisal of the Detroit Institute of Arts’ (DIA) collection. While nothing has been finalized, Orr is considering whether the museum’s multi-billion dollar collection could be considered an asset to Detroit that could potentially be sold to help cover the city’s $15 billion debt.

Orr’s inquiry sparked an immediate reaction and DIA has hired bankruptcy lawyer Richard Levin of Cravath, Swaine & Moore to advise it in troubling situations and to protect the collection from any possible losses. Orr’s spokesman, Bill Nowling, assured the public that the appraisal is not a sign that they will be selling off the collection, an act that would surely be controversial, complicated, and mired by opposition. DIA is a unique public museum as Detroit retains ownership of its building and collection while a separate nonprofit institution manages its day-to-day operations.

While Nowling is adamant that Orr is not considering selling DIA’s collection, he did say that he would consider the museum’s holdings as assets of the city, especially as Detroit might be filing for bankruptcy. DIA’s collection includes major works by Pieter Bruegel the Elder (1525-1569), Henri Matisse (1869-1954), and Vincent van Gogh (1853-1890). Many of these masterpieces were donated by the city’s finest collectors, some of who have put restrictions on the works stipulating what DIA or the city can do with the works. If Orr does decide to sell works from DIA’s collection, it will undoubtedly prohibit the institution from receiving future donations and support.

Francois-Henri Pinault, a French billionaire and CEO of the luxury-goods brand, Kering (formerly PPR), has announced that he will return a pair of Qing dynasty bronze statues to China. The looted bronzes were part of a 2009 auction at Christie’s in Paris that sparked a campaign in China aimed at putting an end to intimidation by foreign powers. Officials from Beijing have applauded Pinault’s efforts to create a more camaraderie-focused dynamic between France and China. Pinault is the owner of the Artemis Group, Christie’s holding company.

The works to be returned to China are the bronze heads of a rat and a rabbit, which were part of a group of 12 animal heads that were looted from Beijing’s Summer Palace by French and British troops in 1860 during the Second Opium War. Since emerging as a powerful international force in recent years, China has been campaigning for the return of the works. Five of the bronzes have been given back to China and one is in Taiwan while the whereabouts of the remaining four pieces remain a mystery.

The bronzes being returned to China by Pinault were previously owned by French fashion designer Yves Saint Laurent and were put up for auction in 2009 following his death. Chinese officials voiced opposition at the time of the sale and an advisor to a Chinese government fund placed the winning bid on the bronzes but never ended up paying for them. The works were returned to Pierre Berge, Saint Laurent’s former partner.

Pinault is working with the Cultural Heritage Administration to get the bronzes back to China as quickly as possible. The decision is a clever move on Pinault’s part as his businesses, which include Gucci and Puma, have been thriving in China’s growing consumer economy.

China’s art market experienced a substantial boom in 2011, bumping the United States out of its top spot and ultimately becoming the world’s principal market for art and antiques. In 2012, amid the uncertain global economy, China’s growth began to slow and its art and antiques market shrank by almost a quarter. This deceleration allowed the U.S. to regain its title as the world’s most significant art market.

The power shift was announced as part of the highly anticipated TEFAF Art Market Report compiled by Dr. Clare McAndrew. McAndrew, a cultural economist who specializes in the fine and decorative art market, is the founder of Arts Economics, a company commissioned by The European Fine Art Foundation to provide a yearly analysis of the worldwide art market. The report coincides with the beginning of TEFAF Maastricht, the Foundation’s annual art fair, which begins March 15, 2013 in the Netherlands and runs through March 24, 2013.

Slowing economic growth and a lack of high quality, high priced items on the market are to blame for China’s slip to the second most influential art market. While auction sales dropped by 30% in China, U.S. sale figures were up 5% to $18.4 billion. In 2012, buyers opted to minimize financial risk by buying works by well-known artists at the top end of the market with Post-War and Contemporary art performing the strongest.

Dr. McAndrew will present her findings at the TEFAF Art Symposium on Friday, March 15, 2013 in Maastricht.

Over the years Rockefeller Center has hosted a number of important art installations including Jeff Koons’ (b. 1955) hulking terrier puppy made out of 43 feet worth of flowering plants (2000); Louise Bourgeois’ (1911-2010) Maman and Spiders (2001), which featured the French artist’s famous arachnid creatures; and Takashi Murakami’s (b. 1963) Reversed Double Helix (2003, which included a 30-foot-tall Buddha-like figure, two giant floating balloons, and a forest of mushroom seating.

The impressive public art displays were an integral part of Rockefeller Center until the project was put on hold in 2008 due to the American economy’s dismal state. At the time, the owners of Rockefeller Center were working on a number of major interior restoration projects and felt that spending money on public art during such a stringent time was unwise.

As the economy and public morale slowly regain their footing, Rockefeller Center has decided to re-launch its public art project. With assistance from the Public Art Fund, the first installation will feature nine human-shaped sculptures by the Swiss-born, New York-based artist Ugo Rondinone (b. 1964). The sculptures stand between 16 and 20 feet tall and are made from bluestone that was excavated from a quarry in Pennsylvania. Much of the stone that makes up Rockefeller Center’s sidewalks came from the same region.

Rondinone’s Human Nature will be on view April 23 through June 7, 2013.