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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 world 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.
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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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A version of this analysis was commissioned by London-based Pictorum Advisory for their October Quarterly Report. 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…
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Art Industry Insights With Reena Devi 