ReportWire

Tag: Art Market

  • With Soft Network, the Experimental Artists of the Past Get a New Life

    With Soft Network, the Experimental Artists of the Past Get a New Life

    [ad_1]

    An installation view of “Lost and Found: Susan Brockman and Allen Frame,” organized by Soft Network in 2023. Photo: Alexa Hoyer.

    Bankers boxes, flat file cabinets, archival portfolios—they’re all here, placed with intention and order, preserving the work of oft-overlooked yet exciting artists in Soft Network’s Soho office. Co-founded in 2021 by curator Chelsea Spengemann, now executive director, and artist Sara Vanderbeek, Soft Network is a nonprofit organization that “preserves and provides access to the work of vital yet often vulnerable experimental artists and those who care for them.” It does this by assisting artists and those managing artist estates—or legacy workers, as they’re known—in cataloging, storing, digitizing and exhibiting artwork through a two-year-long Archive-in-Residence program. This helps artists and legacy workers preserve estates for the future; the ultimate goal is not to house work permanently but to help the estate stand in the art world on its own.

    The idea was born out of personal experience. Spengemann had been assisting Sara VanDerBeek in managing the estate of Sara’s father, artist Stan Vanderbeek, for nearly twenty years, and they realized there were little to no resources to assist people who had been bequeathed artist estates but didn’t have their art world expertise. Spengemann believes this kind of legacy work has long flown under the radar because it’s seen as a form of caregiving. But while many have developed more appreciation for and understanding of what goes into physical and emotional caregiving in our post-pandemic world, it’s still difficult for some to see the parallels with the management of artist estates. Like medical caregiving, managing a legacy can be emotional, laborious and time-consuming work, albeit of a different kind.

    Shirley Gorelick’s Untitled, c. 1964, is one example of an artwork stored in Soft Network’s shared work and storage space. © Shirley Gorelick Foundation, 2024.

    “Every time you see work by a dead artist in a gallery or a museum, there’s a living person that made that possible,” Spengemann told Observer. “This labor often goes uncompensated, even though it’s a ton of work to preserve and even revive an artist’s career.” Soft Network’s fully-funded residency makes it easier—the organization serves as an artistic caregiver to artist estates. And the estate can continue to tap into Soft Network as a resource after the residency is over through programs such as the Artist Foundations & Estate Leaders List, or AFELL, which is “a membership-based, peer-to-peer listserv for sharing resources, available to artists and legacy workers.”

    SEE ALSO: Director Thelma Golden On the Future of Programming at the Studio Museum in Harlem

    During the Archive-in-Residence program, an artist’s archive is not just cataloged, researched and digitized but also exhibited in Soft Network’s own exhibition space in two corresponding four- to six-week shows: a group exhibition that includes contemporary artists in conversation with the resident work and a resident solo show. There may be public programs that engage with the work as well. And Soft Network also helps legacy workers make the kind of art world connections that help ensure the estate’s future.

    For example, when supporting Haitian-American mixed-media artist Paul Gardère’s work, Soft Network obtained a booth as a nonprofit at Independent 20th Century to put Gardère’s work in front of a larger audience. At the recent OFFSCREEN art fair of image-based works in Paris, Soft Network exhibited the work of their current Archive-in-Residence of filmmaker, film editor and photographer Susan Brockman. They won a prize for Best Presentation, which came with €10,000 that will support the preservation of Brockman’s work and access to it. The 2025-2027 Archive-in-Residence will be that of photographer Sheyla Baykal, a longtime chronicler of downtown New York’s avant-garde performance scenes who passed away in 1997.

    The collections Soft Network works with the most, according to Spengemann, are film, photography, experimental and mixed-media work. These are “the hardest to maintain and make accessible after an artist’s life because they’re not as straightforward as a three-dimensional painting or a sculpture,” she said. Figuring out how to present these works can be challenging and, in some cases, because the artist had no market when it was made, there’s little funding for preservation now. Since Soft Network launched, many artist estates have found them by word of mouth. In addition to the Archive-in-Residence, they work with three artist estates held in their archives for a fee–the Stan VanDerBeek Archive, the Rosemary Mayer Estate and the Shirley Gorelick Foundation each have work on site; the associated fees help keep the organization solvent, as does the estate consultation work that it offers on a sliding scale.

    Rosemary Mayer’s Portae, c. 1974, was shown in “Future Variations,” marking the first installation of the work since it was originally exhibited soon after it was made. © Estate of Rosemary Mayer, 2024

    During our conversation, Spengemann emphasized that Soft Network is not a gallery but rather a “shared studio and active storage space with access to an exhibition space.” That space is shared with designer Rachel Comey, a longtime supporter of the organization. Soft Network provides artwork for her showroom in exchange for the space to exhibit work and hold public programs that bring the work of previously overlooked artists into modern conversation. Coming up on October 28 and 30, for example, are events centering painter Shirley Gorelick’s work, which will be hung in the space, including discussions about portraiture, community and memory featuring historians, academics, archivists and artists. Outside of the public programs and exhibitions, historians, artists, and curators can view the resident work in Soft Network’s offices by appointment.

    It’s perhaps not surprising that many of the estates Soft Network works with belong to artists who were women, people of color and/or queer. These works are pieces of art history that have been disregarded or left out of the narrative previously, Spengemann says, but through Soft Network, they can once again be part of the conversation—or in some cases, for the first time. These artists then become accessible to contemporary artists seeking inspiration, curators seeking missing pieces of a puzzle and historians chronicling parts of the art world once unseen.

    “We really just try to be a community for people doing this work, bring visibility to this work and then as a group help one particular estate and collection with whatever they need,” Spengemann said. Artists have often operated via community, she added, and hers is dedicated to freeing their work from those bankers boxes, literally and figuratively.

    Donate to help fund Soft Network’s efforts here

    With Soft Network, the Experimental Artists of the Past Get a New Life

    [ad_2]

    Elyssa Goodman

    Source link

  • Highlights and Sales from an Effervescent Art Basel Paris VIP Preview

    Highlights and Sales from an Effervescent Art Basel Paris VIP Preview

    [ad_1]

    Art Basel Paris 2024 on opening day. Courtesy of Art Basel

    The majestic Grand Palais quickly filled with a steady stream of art lovers there for Art Basel Paris’ VIP preview day. The atmosphere was positive and the mood upbeat, spurring healthy sales and lively negotiations from the early hours. Collectors and professionals from across the globe descended on the preview, with many traveling from the Americas and Asia. Among the notable attendees were Chloe Sevigny, Natalie Portman, Owen Wilson, Princess Maria-Anunciata von Liechtenstein, Queen Rania of Jordan, Raf Simons, Sheikha Mayassa, Sheikha Nawar Al Qassimi, Philip Tinari, Massimiliano Gioni, Adrian Cheng, George Economou, Maya Hoffmann and Patrizia Sandretto Re Rebaudengo, to name a few.

    Image of a fair booth with black walls.Image of a fair booth with black walls.
    Pace Gallery’s booth “Mystic Sugar” curated by Paulina Olowska at Art Basel Paris. Sebastiano Pellion di Persano

    At the entrance, Gladstone’s booth greeted fairgoers with a monumental Dubuffet hanging on the wall, juxtaposed with a sculpture by Sarah Lucas and drawings by Marisa Merz, an homage to the Arte Povera artists celebrated in the show at La Bourse—Pinault Collection. Pace Gallery stood out with “Mystical Sugar,” curated by Paulina Olowska, featuring an extensive work that dominated the booth alongside pieces by Louise Nevelson, Kiki Smith and Lucas Samaras. In the first few hours, all four of Olowska’s paintings sold, as did several sculptures by Nevelson and Smith. In the backroom, Lee Ufan’s Response from 2024 led sales, complementing works by Ufan, Agnes Pelton, Max Ernst, Leonor Fini and Alexander Calder.

    Next door, Blum & Poe presented a solo booth of Asuka Anastacia Ogawa, which sold out by the afternoon, with prices ranging from $22,000 to $100,000. Not far away, Eva Presenhuber’s solo presentation of new works and furniture by Tschabalala Self also sold out in the early hours, with prices ranging from $175,000 to $320,000. Jeffrey Deitch curated a booth featuring rarely seen artists like Myrlande Constant and Ella Kruglyanska, with a focus on Judy Chicago and a standout selection of Rammellzee works, ahead of his upcoming show in NYC.

    PPOW saw strong results, selling all of its Grace Carney pieces in the $20,000 to $30,000 range, along with a central piece, a large table with a hand-painted tablecloth and porcelain vases by Ann Agee, sold as a pair for $14,000-18,000. MASSIMODECARLO also did brisk work, selling twenty-five pieces on the first day, including a Matthew Wong painting consigned directly from the estate, presented alongside a work by Salvo. Other sales included a piece by Dominique Fung ($36,000), various works by Jean-Marie Appriou, two by Tomoo Gokita, three by France-Lise McGurn and one by artist duo Elmgreen & Dragset, who currently have a museum exhibition at Le Musée D’Orsay.

    Among the notable sales on the first day, White Cube sold a Julie Mehretu work for $9.5 million, a Howardena Pindell piece for $1.75 million and a Lucio Fontana slash for $1.3 million.

    Image of a booth with paintings and sculpturesImage of a booth with paintings and sculptures
    Jeffrey Deitch at Art Basel Paris. Photo by Andrea Rossetti. Courtesy of the artists and Jeffrey Deitch, New York and Los Angeles.

    Standing out in the Hauser & Wirth booth was a striking spider by Louise Bourgeois, paired with a powerful Ed Clark, which reportedly sold by the end of the day for $950,000. Also sold was a work by Barbara Chase Riboud for $2.2 million and a large Mark Bradford for $3.5 million. Of particular interest, the external wall featured a large Jeffrey Gibson, hinting at a potential new collaboration with the gallery, while the other wall showcased a vibrant, explosive work by Frank Bowling. Meanwhile, Lisson Gallery sold two pieces by Colombian artist Olga de Amaral—one for $800,000 and the other for $400,000—both to a private U.S. collection. The sales coincided with the artist’s current show at Foundation Cartier in Paris, one of many exhibitions opening alongside Art Basel Paris.

    Image of a fair boothImage of a fair booth
    Lisson Gallery at Art Basel Paris. Courtesy Art Basel

    In celebration of Surrealism’s 100th anniversary, many booths honored artists from the movement in the city where it began. Di Donna offered a beautiful dialogue between Jean Tanguy and Wilfredo Lam, while Nahmad devoted their entire booth to works by Dalí, Picabia, Max Ernst, Tanguy, De Chirico, Picasso and Magritte, along with a stunning floating mobile by Calder. In the masterworks section, featuring pieces priced in the five- to six-digit range, Van De Weghe presented a 1964 Pablo Picasso and a 1985 Great American Nude by Tom Wesselmann, riding the wave of momentum from the “Pop Forever” show at the Fondation Louis Vuitton. Tornabuoni’s booth featured a standout monumental map by Alighiero Boetti, covering an entire wall. New York dealer Aquavella showcased a series of masterpieces by Fontana, De Kooning, Basquiat and Thiebaud, with a gallery representative telling Observer that “a lot of good collectors” had come through throughout the morning.

    Among the best-curated booths, The Modern Institute from Glasgow dedicated its entire presentation to a site-specific, immersive installation by artist Martin Boyce, titled Before Behind Between Above Below. Combining various works and elements, Boyce created a liminal interior space exploring the boundary between the real and imagined and the collapse of architecture and nature. The installation drew inspiration from Jan and Joël Martel’s cubist trees, first exhibited at the Exposition des Arts Décoratifs et Industriels Modernes in 1925, right in front of the Grand Palais.

    Image of a booth with a lamp on the floor and a pink structure all the ceiling. Image of a booth with a lamp on the floor and a pink structure all the ceiling.
    The Modern Institute at Art Basel Paris. The Modern Institute

    Once the ground floor became too crowded to navigate, many collectors sought breathing room in the upstairs sections, where more space  allowed for new discoveries, particularly in the terrace corridor of the “Emergence” section. A standout in this area was the experimental Jakarta-based gallery Rho Projects, showcasing Kei Imazu’s intriguing blend of historical memory, traces,and digital structures (priced between $15,000 and $20,000). Another highlight was a large, narrative-rich painting by young Polish artist Jeh Eustachy Wilsky, presented by Piktogram, stretching across the entire booth.

    SEE ALSO: Lukewarm and Less Engaging, London’s 1-54 Had Little New to Say This Year

    Upstairs also housed a range of thriving galleries, including Karma, Clearing, Mariane Ibrahim, Sultana and Société. Société’s booth had a future-forward feel, featuring Trisha Baga’s pictorial explorations of the digital realm and a divinatory video by Lu Yang. Nearby, Ortuzar Projects presented a solo booth of Takako Yamaguchi, fresh from the Whitney Biennial, which quickly attracted buyers. With prices set at $300,000, only three works remained by midday.

    Throughout the VIP day at Art Basel Paris, the atmosphere was effervescent, proving that collectors are still eager and excited about bold new moves—especially with this being the first Art Basel in its new, opulent historic venue, which truly has no architectural equal worldwide.

    SCAD at Design Miami Paris with an Alumni Booth presenting the work of Trish Andersen, Lærke Lillelund, Bradley Bowers and Eny Lee Parker. Photo Chia Chong. Courtesy of SCAD.

    Design Miami Paris also saw a successful opening, launching its second edition the day before with a similarly packed VIP reception at L’Hôtel de Maisons. Inside the lavish 18th-century mansion, exhibitors presented a curated selection of historic and contemporary collectible designs, with strong sales early on. Notably, Galerie Downtown-LAFFANOUR (Paris) sold a full-scale Jean Prouvé post-war prefabricated house (1946) for over one million euros.

    Among the standout presentations, SCAD took over the elegant staircase with a cascade of abstract forms and vivid colors in a fiber site-specific installation by artist and alumna Trish Andersen. The school also showcased the creative talents of alumni Lærke Lillelund, Bradley Bowers and Eny Lee Parker. Other highlights included fashion designer Rick Owens’ striking pair of Tomb Chairs in the gardens, presented by Salon 94 Design (New York), alongside rare pieces by Gaetano Pesce, such as his Palladio Cabinet (Milk colored prototype) (2007) and Flower Origami Table (2023). The award for “Best Gallery Presentation at Design Miami Paris 2024” went to Galerie Gastou (Paris) and Galerie Desprez-Bréhéret (Paris), which brought a significant collection of minimalist works by Jean Touret in wood and iron, shown in dialogue with contemporary pieces by Agnès Debizet.

    Image of a garden of a elegant palace with peopleImage of a garden of a elegant palace with people
    The garden of Design Miami at the fair’s opening. IVAN EROFEEV

    Art Basel Paris and Design Miami Paris continue through Sunday, October 20.

    Highlights and Sales from an Effervescent Art Basel Paris VIP Preview

    [ad_2]

    Elisa Carollo

    Source link

  • Artsy President Dustyn Kim On Evolving Alongside the Company

    Artsy President Dustyn Kim On Evolving Alongside the Company

    [ad_1]

    Artsy president Dustyn Kim says art has always been part of her life. Courtesy of Artsy

    In 2017, Observer posed this question: As the online art auction space shrinks, is Artsy the heir apparent? In the years since, the art world has had many ups and downs, but the online art brokerage created in 2009 by Carter Cleveland has forged ahead, building partnerships with major institutions and a monumental digital library of for-sale artworks while edging out early challengers like Paddle8 and Auctionata. “Many of our competitors in the early days wanted to disrupt the art industry, so they would either compete directly with galleries by bringing artists on to their online galleries or compete with auction houses by running their own auction sites,” Cleveland told Observer in 2019. “These companies were able to generate revenue a lot faster than us because they went straight to that transactional model. But ultimately, the amount of inventory they could get was very limited because the rest of the industry didn’t want to work with them.”

    That, in a nutshell, is how Artsy, which launched as a platform for artwork discovery, eventually became the largest online art marketplace globally by offering auction houses and art galleries a way to pivot to online sales—something the art world could no longer avoid during the pandemic. Today, the company is both a place to buy art and an influential voice in the art world—its industry reports and buyer facing editorial content help shape narratives around what’s hot in art right now.

    Overseeing it all is newly appointed Artsy president Dustyn Kim, the first woman ever in the role. She joined the company as chief revenue officer in 2017, and she’s been largely responsible for expanding Artsy’s gallery business and strengthening its secondary market offerings. “It’s amazing to look at Artsy’s progression these past seven years,” she told Observer when we asked Kim about her work at Artsy. From there, she opened up about the evolution of the company and its users, the mechanics of building relationships in the art world and her own art collection.

    You’ve been with Artsy since 2017. What initially attracted you to the company? From what I understand, you weren’t always in the art world. 

    My professional background centered on data and technology companies prior to Artsy, but art has always been a part of my life. My mom is an artist. She had multiple jobs in the art world—from working at a print- and paper-making studio to teaching college courses on painting. She did this while trying to build her practice and art world recognition, and I saw firsthand how difficult this industry can be. When the Artsy opportunity came along, I knew immediately that this was a company and a mission—to expand the art market to support more artists—that I wanted to be a part of. It was one of those moments in life where everything just clicked. All of those years developing an expertise in business finally paired with an industry that I’m passionate about evolving and growing.

    What has your progression at Artsy been like in terms of responsibility? 

    I started by leading our Galleries & Fairs business, helping to grow the number of galleries that partner with Artsy to roughly 3,200 from over 100 countries. After a few years, I assumed responsibility for our secondary market teams, expanding the number of auction houses and benefit partners on Artsy and building our Artsy Auctions and private sales business. Throughout that time, we also built a robust marketplace operations team to handle everything from cybersecurity to customer support. With my most recent promotion, I am now responsible for Artsy’s internal operations as well, including finance, legal and corporate development.

    How has Artsy changed since you came on? 

    It’s amazing to look at Artsy’s progression these past seven years. When I joined Artsy, we were focused purely on aggregation: getting all of the world’s art and art collectors on Artsy and making the process of discovering art easier and more joyful. On the gallery partner side, that meant tackling challenges like the lack of information about artwork pricing and availability. On the collector side, that involved using our data and technology to match people with artists and artworks they may never have otherwise discovered. Next, we focused on making the process of actually buying and selling art easier and more joyful. We’ve spent years building out eCommerce and all of the infrastructure that supports it, from online payment methods to shipping integration to fraud prevention.

    We are now in a position to help grow the art market by bringing this all together in what we like to call ‘the art advisor in your pocket.’ Very few people have access to art advisors, but Artsy has all of the data and functionality to fill that gap. We can guide users and help them refine their taste, develop relationships with sellers, acquire works, and manage their collections—all on Artsy.  

    And how have the collectors who use the platform evolved? 

    In Artsy’s earlier days, our user base was what I call our “power users.” This is generally a group of people already familiar with the art world. They appreciate Artsy’s ability to connect them to the world’s fairs, gallery exhibitions, and auctions and are engaged in researching and discovering both well-known blue-chip artists and up-and-coming emerging artists. This group includes both newer and more established collectors, but they generally come to Artsy with a sense of what they’re looking for and an understanding of the art world. Now, we have a much more diverse group of collectors. With over 3 million users on Artsy, we have a global audience that ranges from people looking to make their first art purchase to people who have collected for years.

    Particularly for these new and aspiring collectors, we’re continuously introducing new ways to help individuals find the art they love. This includes initiatives like Foundations, our online art fair, live now, that features works from small and midsize galleries from around the world that are known for nurturing early-career artists. Works are mostly priced under $10,000, and we invite really fantastic galleries to take part and create lots of storytelling around the featured artists and works. Foundations is an ideal context to find your first (or next) art purchase and discover plenty of new artists and galleries.

    A lot of your work involves relationship building—do you see that as a plus? 

    A fair amount of my job involves relationship building—both now and in my prior roles at Artsy. I’ve always felt that understanding your customer is a core component of any leader’s job, but for an industry as unique as ours it’s an absolute imperative. Artsy’s mission is to expand the art market. We can’t do that without a nuanced understanding and appreciation of exactly what is and isn’t working in both the physical and digital realms of art buying and selling.

    Major art world moments, like fairs, are always a great opportunity to see the industry in action. I personally prefer smaller gatherings—lunches with gallery directors or a walk-through of a new exhibition—can solidify relationships while giving me a closer look at how people are using Artsy and what more they want to see from us. I recently had lunch at AP Space, for example, and was able to connect with a few artists, collectors, and gallery directors in a more casual setting. It’s moments like those where I feel like I’m ingrained in this community.

    You’re an art collector yourself. What can you tell me about your collection?   

    With an artist mother, collecting has always been a part of my life. I remember going to a benefit auction with my mom much earlier in my career and using my savings to bid on a vibrant 9-by-9-inch work on paper by Carol Salmanson. I was drawn to the calligraphic flow of the work, overlaid with fine, bright brushstrokes. Over the years, I’ve continued to refine my taste and viewpoint on the type of collection I want to build. At this point, I’m focused primarily on acquiring works by women artists. I also lean more towards emerging artists, partly because they are more likely to be within my budget range but more so because I want to directly support artists who may not yet be in the spotlight.

    My most recent purchase was a work by Gabrielė Aleksė, a Lithuanian artist I discovered through Artsy. I initially saw her paintings in one of our “Curators’ Picks: Emerging Artists” collections on Artsy and was immediately drawn to the serenity of her works. I started following her on Artsy and watched as new works became available, eventually finding a work that I couldn’t live without that is now proudly displayed in my home. That’s the beauty of Artsy: I never would have known of this artist living and working over 4,000 miles away from me had Artsy not helped me discover her and then guided me through the international purchase process.

    Artsy President Dustyn Kim On Evolving Alongside the Company

    [ad_2]

    Christa Terry

    Source link

  • The Impact of Art Gallery Closures on Artists and Collectors

    The Impact of Art Gallery Closures on Artists and Collectors

    [ad_1]

    Artist Maggi Hambling at an exhibition at Marlborough Gallery in London in 2020. Photo by Jonathan Brady/PA Images via Getty Images

    Businesses open and close all the time, and art galleries are no exception. Dealers retire, others close up shop when bankruptcy looms, some die with no succession plan and still others simply decide, for a host of reasons, to exit the scene. In New York, Cheim & Read said its goodbyes in December and Helena Anrather shut its doors in March. The Fortnite Institute ceased operations earlier this week, and Betty Cuningham Gallery in the Lower East Side will end its two-decade run later this year. Yesterday (April 4), the 78-year-old blue-chip Marlborough Gallery, which has spaces in London, New York, Barcelona and Madrid, made headlines when it announced it would be closing in June.

    Art galleries often run on slim margins to begin with, and the pandemic was tough on businesses across the board. Other recent NYC gallery closures: JTT, Foxy Productions, Queer Thoughts and Denny Gallery. London has seen a similar spate of closures as the local market has contracted. It’s not unusual for gallery owners to land on their feet—Jasmin Tsou, founder of JTT, became a director at Lisson Gallery. But for the artists represented by galleries that close and for the patrons who worked closely with said gallery owners to build art collections, the disruption can range from nuisance to traumatic.

    Sculptor and installation artist Judy Pfaff could not have guessed that she would be without a New York City gallery for a very long time when legendary art dealer André Emmerich retired in 1997, but she waited seven years before she was brought into the Ameringer|McEnery|Yohe fold in 2004. “A few people talked to some dealers about taking me on, but they didn’t want to touch me,” she told Observer. “Then, it hit me that the art world has no memory; it doesn’t owe me anything; there’s no one knocking on the door. I better hold onto my teaching job and figure things out. It was a total reality check.”

    But artists can and do up and leave their dealers—usually for reasons involving the advancement of their careers, but not always. Terry Dintenfass “never paid me, or it took forever to get her to pay me,” said painter Nancy Hagin. Sculptor William King left Dintenfass after she refused to give his then-girlfriend a show. “Robert Miller just wasn’t nice to me,” said painter Janet Fish. “Staff would roll their eyes when I walked through the door, as though they’re sorry to see me.” Alex Katz felt Pace Gallery “had low energy when it came to my work.” Pfaff left the Holly Solomon Gallery after thirteen years, when the dealer moved from a more spacious downtown address to a fifth-floor location on 57th Street “where I couldn’t get things in and out. There was only a passenger elevator.”

    The point is that artists generally have choices. “There are some I worked with for forty years,” veteran dealer Betty Cuningham told Observer, “and I have been trying to get them situated with other dealers.”

    She sees the closing of an art gallery as “harder for collectors than for the artists.” An engaged art dealer provides long-standing buyers with information on up-and-coming artists, as well as first dibs on artworks, and the insider access that potentially took years to develop isn’t easy to replicate elsewhere. Galleries also help their buyers sell. Cuningham is now returning work she took on consignment to collectors, though she wanted to make it clear she’s not completely retiring from the art world. “I can’t just store them,” she said of the consigned pieces but added that she and some of these consignors “might set up a separate arrangement” in which she looks for prospective buyers on their behalf.

    Meanwhile, Cheim & Read director Maria Bueno planned to work with the gallery’s consignors and patrons in her “new venture Bueno & Co., which is a private fine art dealership and artist management service. Bueno & Co will open a private showroom in New York later this year.”

    SEE ALSO: Yayoi Kusama Was the Top Selling Contemporary Artist of 2023

    Given the bleak headlines, collectors might wonder what exactly one is to do if one’s preferred art gallery goes belly up. “When a gallery closes for good,” Thomas C. Danziger, a New York City attorney who specializes in art law, told Observer, “the question becomes: Who owns the art?”

    That question is easier to answer when artists consign their work to galleries—at least in New York. The state’s Arts and Cultural Affairs Law decrees that, should an art gallery become subject to a lien from a bank or face bankruptcy, consigned artwork can’t be taken by a creditor in payment of a debt but must be returned to the artist or their heirs, in the case of deceased artists. That law also requires dealers to place proceeds from sales of consigned artwork “in trust” for the artist, meaning galleries can’t use that money for any other purpose than paying the consignor. California and twenty-nine other states have similar legal protections for artists who consign artworks to galleries.

    While those laws don’t apply to nonartist collectors who consign artworks to galleries, art collectors can protect themselves by filing a UCC-1 form for works on consignment. The form announces publicly that the consignor has a prior lien on their artworks, so in the event a gallery declares bankruptcy or a dealer disappears in the face of numerous creditors, leaving a warehouse full of art, the consignor has a legal right to take back their work. Ideally, the UCC-1 filing should occur at the time of consignment, but consignors would still be protected if they file in advance of a bankruptcy.

    It’s a simple fix—the form is typically available online or the filing cost is nominal, usually $25—but many high-end consignors are reluctant to file the form, even when advised to do so by their lawyers. “They don’t want to announce publicly that they are looking to sell something, which a UCC-1 does,” New York City art lawyer William Pearlstein told Observer. “Some would rather stay private than disclose. Myself, I would rather be protected than private.”

    Another less public protective measure art collectors can pursue is drawing up a consignment agreement with the gallery owner or dealer that explicitly states the artwork is the property of the collector rather than of the gallery.

    That leaves one final question, which is whether there’s an epidemic of art galleries facing financial distress. Commentary on the state of the art market tends to be mixed, with art fair sales figures and the annual UBS market report generating pessimism and optimism in equal measure.

    “There’s barely any credit and lending in the gallery sector and businesses are already heavily burdened with rents, so many don’t have spare funds to ride it out,” Dr. Clare McAndrew, a cultural economist and founder for the Dundrum, Ireland-based Arts Economics research firm, told Observer. She added that after the worldwide financial crisis of 2008 and 2009, “many businesses were only starting to do well again in the last few years” and may not have the resources to weather this storm.

    So, how can one know if a particular gallery might be in financial distress? Insiders, such as art advisors, art lawyers or other dealers, may have an inkling. Pearlstein said that offers of “huge discounts of expensive artworks or firing most of the staff” might suggest a gallery is in trouble. One also could conduct a UCC search to see if a particular gallery owes money to multiple lenders and if there are any tax liens (by the IRS or otherwise) or judgments based on a failure to pay rent or repay loans. The filings won’t tell a complete story, but for collectors who are feeling anxious, they’re a place to start.

    The Impact of Art Gallery Closures on Artists and Collectors

    [ad_2]

    Daniel Grant

    Source link