Despite the economic chaos the world is going through right now, the art market continues to prove that it can exceed expectations. Despite this, art and collectible is often ignored when estate plans are drafted, which may lead to extra costs and possible “fire sales” of artwork in an estate. To avoid this, there are three basic steps every collector should consider as part of the estate plan.
BE OPEN Art is happy to announce that Michael Vincent Manalo, Philippines-born visual artist, who lives and works in Taiwan, has been voted the Artist of the Month by the visitors of art.beopenfuture.com.
In the months since COVID-19 shut down most traditional in-person avenues for viewing and purchasing art, virtual reality (VR) has become increasingly prevalent as a tool for conducting business. The transition to virtual space has required art-world players to adapt to the challenges—and possibilities—that come with operating in a medium that is in many ways still largely unexplored.
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The omission of people of color from the arts has resulted in devastating sociological implications, not only for the African continent and Diaspora, but for our entire modern world. This comprehensive lack of understanding of the substantial expertise that has facilitated modern and ancient culture has led to enormous discrimination, fanned by hundreds of years of oppression and cultural appropriation. It is obvious that the art world needs a major shakeup.
Scammers target art galleries because their clients tend to be wealthy, while cybertheft is much more likely than the physical theft of an artwork. Elena Goukassian has collected experts’ advice on how to avoid financial loss when acquiring a new and exciting artwork.
Unlike in past crises, the determining factor now is not so much the size of the gallery but its digital nimbleness. Those who were already starting to crack the e-commerce code before the pandemic are well ahead. Others are playing a stressful game of catch-up.
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There is no industry that has gone untouched by the widespread disruption of the coronavirus. The art world, like all other sectors, is quickly grappling with rapidly evolving challenges. Although there is no clear roadmap on how to move forward, the team at Huntington T. Block has seen a few trends among galleries, art dealers, collectors, artists, art fairs, and more that are smart to have on your radar.
BE OPEN Art is happy to announce that Raluca Bararu, illustrator based in Romania, has been voted the Artist of the Month by the visitors of art.beopenfuture.com.
Remember the good old days? Back then, a studio visit involved visiting an actual studio—likely a slightly cramped, charming space, with the tang of turpentine hanging in the air. That sort of face-to-face meetup with an artist had its own particular rituals, routines, and expectations. Now, the rules of the studio visit have been swiftly and completely rewritten by the COVID-19 pandemic.
It is one of the art market’s most uncomfortable truths that, although black and minority artists are enjoying greater representation, it remains white people who predominantly sell—and buy—their work. But as the Movement for Black Lives reaches fever pitch in the US, the art trade is being asked to confront racial inequality among its ranks.
In recent years, collecting design has transformed from being considered a purely functional purchase to becoming seen as a worthy journey for the most discerning collectors to embark on. For many, collectible design offers the opportunity to express one’s personality and interests through the display of physical objects within the home.
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There isn’t a business worldwide that hasn’t felt the virus’s impact, and the art world has been far from immune. The art industry that has become synonymous with hyper-connectedness and global mobility is now at a standstill. The glitzy fairs and crowded shows are history, replaced with Zoom studio tours and virtual exhibitions. Andrew Dickson reflects if this might actually mark an improvement.
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Normally in March, we enjoy a bloom of arts activity across all media—performances, visual art, movies, you name it. As the arts ramp up in springtime, busy cultural summers begin to unfold. The cultural season kicks off with the start of summer art fairs, graduation exhibits for MFA and BFA students, an influx of new theater on Broadway, film festivals and concert venue programming for summer events.
It’s the most vulnerable that are set to suffer the most and, in the topsy-turvy value system of contemporary art, that means artists and other freelancers.
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Is art a good investment? According to experts, art often outperforms other asset classes like real estate, while the Wall Street Journal declared that art achieved a 10.6 percent return in 2018 based on Art Market Research’s Art 100 Index, outpacing all other categories. Martin Gammon looks into the question whether art is an attractive asset class for a middle market investor with a typical 5–10 year horizon analogous to other alternative investments.
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For collectors at any level, there exists a set of criteria to consider before collecting an artist’s work. Every art collector has their own aesthetic and set of values. With this in mind, Audra Lambert takes a look at the different aspects of art collecting that should be first in the minds of collectors as they begin venturing into collecting emerging artists’ work.
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It’s no mystery that many of our museum experiences are led by visionary collectors who have either made significant donations or opened new museums to exhibit their extensive art collections.
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What does it mean to be introduced to the art world through Instagram? How will you display an artist’s 50-year retrospective when their 2016 exhibition is a series of GIFs, contained on a thumb drive?
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Groucho Marx once said that he never wanted to belong to any club that would accept him as a member. I feel a similar skepticism about being part of a club I never asked to join. But my 1983 birth grants me membership in what demographers and marketers now call “millennials.” Like every generation, our predecessors say we’re spoiled and self-absorbed—Timemagazine dubbed us the “Me Me Me Generation.” A generous history may one day overlook our need for constant validation and safe spaces, but for now, the cliché of being over-parented, over-schooled, and over-protected isn’t completely off base.
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