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

Art Industry News is a daily round-up of the most momentous developments in the art world and art market. Here’s what you need to know this Tuesday, July 12th.

DEFINITELY READ

The Afterlife of Public Art Installations – Unfortunately, most public art in New York ends up in a dumpster. Dozens of contracts are awarded annually and competition is fierce. When commissions go to established artists, galleries are often willing to help with production costs and sell or store the work to ensure its afterlife. Emerging artists without gallery support, on the other hand, often have to either crowdfund to ensure the future of their work or see it taken down for good. (New York Times)

BTS Launches Google Street View Art Tour – The South Korean K-pop sensation is celebrating its ninth birthday with a Google collaboration sharing the band members’ favorite artworks and cultural destinations. The street view experiment, called BTS x Street Galleries on Google’s Arts & Culture platform, takes viewers on a virtual tour of 14 locations that inspire the supergroup: RM chose paintings by JMW Turner, including Venice, from the porch of the Madonna Della Salute; Jin chose the city of São Paolo; and Jungkook chose Seoul’s Chunggu Building. (persons)

Don’t believe all the auction hype – Sotheby’s announced that its recent spring auction in New York was the largest the market has ever seen. But according to analyst Pi-eX, May 2022 was actually the third-highest streak on record, behind May 2018 and May 2015. “Maybe with all this data, the ultra-rich realize that the returns aren’t in double digits,” said Roman Kräussl, Professor in Finance from the University of Luxembourg. “If I calculate the return on art, it’s about 5 percent, plus costs.” By comparison, S&P 500 stocks have produced average annual returns of about 14.7 percent over the past decade. (The art newspaper)

Nevada artists are pushing for the mountain range to be designated a national monument – Nevada’s Avi Kwa Ame (Spirit Mountain), sacred to the Yuman-speaking people of the Mojave Desert, could become a national monument — or threaten to become a wind farm. The local artistic communities around the mountain range have contributed to a show at Marjorie Barrick Museum of Art called “Spirit of the Land” which explores the history of the mountain. (hyperallergic)

movers & shakers

ICA Los Angeles Appoints Senior Curator – Amanda Sroka will serve as Senior Curator at the Institute of Contemporary Art, Los Angeles on September 6th. Since 2014 she has been Associate Curator of Contemporary Art at the Philadelphia Museum of Art, where she has organized projects featuring works by Senga Nengudi and Marisa Merz. (press release)

The Met Taps Associate Curator of Medieval Art – Shirin Fozi has been appointed Associate Curator in the Department of Medieval Art and the Cloisters of the Metropolitan Museum of Art. She is currently Associate Professor of Art History and Director of Medieval and Renaissance Studies at the University of Pittsburgh and will begin her new role this summer. (press release)

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

FOR THE SAKE OF ART

Museum of London plans ‘epic farewell party’ ahead of move Before moving to a new location, the Museum of London, currently at London Wall, is planning an “epic farewell party” that may turn into a 24-hour celebration to round off a packed summer and autumn programme. The museum’s current location will be demolished and moved to a new location in Smithfield. Final shipping will be on December 4th. (Guardian)

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

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