Economics « Arrested Motion

Tag Archives: Economics

China’s Contemporary Art Crisis

Posted by juggernut3, February 9, 2009

As AM reported in past months (here), the ailing financial situation has forced many notable galleries in the US and EU to close shop. While this disappointing trend in the western art markets concern many, it pales in comparison to the crisis that is currently plaguing China’s contemporary art market. In Beijing’s famed Dashanzi art quarter alone, over 50 galleries have gone out of business. Even the annual Asian International Art Fair scheduled for March 11-15 at New York’s Park Avenue Armory, has been canceled due […]

Louvre – Abu Dhabi

Posted by sleepboy, January 26, 2009

Amidst troubled world economies and tepid art sales, stories of galleries closing and museums in trouble are being reported more frequently. Although art institutions in Europe are perhaps in a better position because of heavy government subsidies when compared to the U.S., in these times, they too are seeking additional, more creative means of funding. News has come out recently that the Louvre is setting up their first-ever endowment fund with the $230 million installment paid to them from the United Arab Emirates. We are […]

Emmanuel Perrotin to suspend Miami operations

Posted by juggernut3, December 22, 2008

We’ve all heard the whispers about the troubled economy this year and how it may affect the art community. At Basel Week Miami this year, we saw first hand the rippling effects of the economic downturn on many of the galleries exhibiting. Sales were definitely a shadow of the previous year, with many galleries not making enough to cover their cost of travel to Miami. Galerie Emmanuel Perrotin, which recently hosted a Kaws exhibition, made the announcement last week that it will be suspending operations […]