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In December 2011, co-founder of Spy magazine and bestselling author of Evil Geniuses: Unmasking America, Kurt Andersen, wrote an essay for Vanity Fair, observing that American fashion, art, music, design, entertainment evolved considerably every 20 years or so, but in our time, popular style has been “stuck on repeat, consuming the past instead of creating…
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The banking industry and art have historically co-dependent, enmeshed relationships. This has been the case from the time of the Medicis during the Renaissance to the East India Company supporting Rembrandt in putting up his paintings as fiscal collateral to modern banks playing a major role in the contemporary art world since the 1950s. The globally established…
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Images generated by AI are now everywhere as people produce seemingly-high-quality artwork with just a few text prompts, be it for social media, company logos or picture books. As AI hits art forms such as illustration, there are international artists looking beyond the relationship between AI and their artistic practice, far more interested in the…
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Back in 2021, during the heyday of NFT hype and the second year of the pandemic, there was an increased appetite for all things related to the digital art market. This was epitomised by the US$1 billion valuation of Masterworks in October that year. Founded in 2017, Masterworks is a financial investment platform that purchases…
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There is a palpable bleakness in the international auction market of late. Phillips reported a 39 percent drop in global sales during the first half of 2023, from $746 million in the first half of 2022 to $453 million this year. Christie’s global sales for the first half of 2023 were also down 23 percent…
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As supply dwindles and the climate warms, oil states have promised to diversify away from fossil fuels. Building the cultural economy is part of their plan, with Saudi Arabia alone aiming to open more than 200 cultural attractions by 2030. ‘Phasing down fossil fuels is inevitable and it is essential—it’s going to happen,’ promised Sultan…
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At the end of July, the world’s hottest month on record, the United Nations Secretary General, António Guterres, declared that global boiling had begun. A week later, during the region’s usual winter period, Argentina’s capital broke its record for the hottest start to August in 117 years. The world’s highest lake in Bolivia, Lake Titicaca,…
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Christie’s and Sotheby’s increasing engagement with the states of GCC (Gulf Cooperation Council) begs a closer look at the region’s aspiring and established creative economies. Last month, Christie’s Middle East reprised its Modern and Contemporary Middle Eastern art auction in the United Arab Emirates (UAE), a category it has not run since 2019, with works…
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Back in 2020, social media replaced art fairs as the third most successful means for galleries to sell art, moving up from sixth place in 2019, primarily due to the pandemic. This was reported by Artsy Gallery Insights 2021 Report. Yet, there were already tell-tale signs of the shift towards online appetites as far back…
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This spring Sotheby’s set the New York art scene abuzz with its purchase of the landmark Breuer building from its previous owner, the Whitney Museum. The auction house plans to move from its current York Avenue headquarters in early 2025, to the iconic building on Madison Avenue in the Upper East Side with updated galleries,…
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Art Industry Insights With Reena Devi 