Art Industry News: Auction houses insist the art market is still on fire. Are they telling the whole truth? + Other stories

Art Industry News is a daily summary of the most important developments in the art world and the art market. Here’s what you need to know on Tuesday, July 12.

NEED TO READ

Beyond Public Art Installations – Unfortunately, most public art in New York ends up in a dumpster. Dozens of commissions are awarded each year and the competition is fierce. When commissions go to established artists, galleries are often willing to contribute to the production costs and sell or store the work, thereby ensuring an afterlife. Emerging artists without gallery support, on the other hand, often have to either crowdfund to secure the future of their work, or see it disband for good. (New York Times)

BTS launches Google Street View Art Tour – The South Korean K-pop sensation is celebrating its ninth anniversary with a Google collaboration that shares the band members’ favorite artwork and cultural destinations. Called BTS x Street Galleries, the Street View experience on Google’s Arts & Culture platform will take viewers on a virtual tour of 14 places that inspire the supergroup: RM chose paintings by JMW Turner, including Venice, from the Porch of Madonna Della Salute; Jin chose the city of São Paolo; and Jungkook chose Seoul’s Chunggu building. (People)

Don’t believe all the auction hype – Sotheby’s has proclaimed the recent spring auctions in New York to be the largest the market has ever seen. But according to analyst Pi-eX, May 2022 was actually the third highest-grossing series on record, behind May 2018 and May 2015. “Maybe the ultra-rich are realizing with all this data around that returns are not in the double digits,” said Roman Kräussl, professor of finance at the University of Luxembourg. “When I calculate the return on art, it’s around 5%, with the costs on top of that.” By comparison, S&P 500 stocks have generated average annual returns of around 14.7% over the past decade.The arts journal)

Nevada artists are pushing for the mountain range to be declared a national monument – Avi Kwa Ame (Spirit Mountain) in Nevada, which is sacred to the Yuman-speaking inhabitants of the Mojave Desert, could become a national monument or risk becoming a wind farm. Local arts communities around the mountain range contributed to a show at Marjorie Barrick Museum of Art called “Spirit of the Land” which explores the history of the mountain. (Hyperallergic)

MOVERS AND SHAKERS

ICA Los Angeles Appoints Senior Curator – Amanda Sroka will join the Institute of Contemporary Art in Los Angeles as Senior Curator on September 6. She has been Associate Curator of Contemporary Art at the Philadelphia Museum of Art since 2014, where she has curated projects featuring the work of Senga Nengudi and Marisa Merz. (Press release)

The Met Taps Associate Curator of Medieval Art – Shirin Fozi has been appointed Associate Curator of the Department of Medieval and Cloisters Art at the Metropolitan Museum of Art. Currently an associate professor of art history and director of Medieval and Renaissance Studies at the University of Pittsburgh, she will begin her new role this summer. (Press release)

Harold Ancart joins Gagosian – The Belgian painter, who parted ways with David Zwirner earlier this year, has joined the Gagosian roster, where he will have a solo exhibition in New York next year. Ancart pursued a career as a diplomat before becoming the first artist ever represented by Belgian gallery Clearing in 2007. His work fetched a total of $3.5 million at auction in 2021. (Press release)

FOR THE ARTS

Museum of London plans ‘epic farewell party’ before move – Ahead of moving to a new location, the Museum of London, currently at London Wall, is planning an ‘epic going away party’ that will potentially become a 24-hour celebration to cap off a packed summer and autumn schedule. The current museum site is being demolished and it will move to a new location in Smithfield. The final shipment will take place on December 4. (Guardian)

Museum of London, Barbican, London, England (Photo by: Geography Photos/Universal Images Group via Getty Images)

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