In this second installment of what will hopefully be an ongoing series, I outline my five must-read art business articles for the month of July. This month it was very tough to narrow down the five articles I selected. With issues as varied as Brexit, Holocaust Restitution, Copyright Law and other details in the news, I picked a few pieces that I felt covered issues of key concern to a broad audience. There is so much incredible arts journalism being written right now, so be sure to follow these links and explore other stories that interest you.
- Ending a Seven-Year Dispute, a US Court Rules That Artists Aren’t Entitled to Royalties for Artworks Resold at Auction
by Eileen Kinsella via artnet (July 9)
Kinsella was one of the first journalists to break the news that the Ninth Circuit Court of Appeals has struck down a California state law, the 1977 California Resale Royalties Act (CRRA). The law had required fine artists to be paid royalties of 5% when their work is resold. The court ruled that the statute was pre-empted by the Federal Copyright Act, which does not provide for resale loyalties to artists. This is a blow to artists whose works sell for high values in the secondary market after leaving their studios.
19th Century Women Artists Get Overdue Recognition—Will Their Market Follow?
by David D'Arcy via the New York Observer (July 18)
This piece examines the ascendancy of 19th Century women artists in recent scholarship and exhibitions and questions whether the market for such works, which has often been rather soft, can gain interest to match the renewed energy in the institutional sector. D'Arcy provides a review of the Women in Paris exhibition now on view at The Clark in Western Massachusetts and includes a few market examples. The market for these artists will be interesting to follow going forward.
The End of Exhibitions? As Attendance Plummets, New York Dealers Are Scrambling to Secure the Future of the Art Gallery by Rachel Corbett via artnet (July 18)
Corbett outlines what people in the gallery business have known for some time, which is that gallery attendance is on the decline across the board. As individuals seek out new and varied venues for seeing and purchasing works of art, the gallery exhibition seems to be increasingly less relevant. This fact precipitated the inaugural Chelsea Arts Walk, which offered visitors after hours visits with thirty members of the ADAA. This article indicates some of the tactics galleries are using to resurrect their practice; ideas of relevance to those working in every part of the sector.
Christie's Sales Soar in Strong Art Market
by Kelly Crow via The Wall Street Journal (July 24)
Crow is one of the best market analysts working today. In this piece she breaks down Christie's central role in the current market and their astounding success in the first half of 2018. Perhaps most notably, Christie's online-only sales rose nearly 50% to $37.7million. The overall success of Christie's first six months of 2018 was helped in no small part by the once in a lifetime auction of the David and Peggy Rockefeller Collection which made up a fifth of their total revenue for the period. Their sales though, along with competitor Sotheby's, indicate that the market conitues to be going strong.
How Leo Castelli Changed The Art Market Forever
by Nate Freeman via Artsy (July 31)
This great profile by Nate Freeman gives a very accessible introduction to the story behind one of the most legendary art dealers of all time: Leo Castelli. Through his eponymous gallery, Castelli not only shaped the careers of many American artists in the mid twentieth century but also laid the groundwork for the commercial gallery model that exists, almost unchanged, today. Without Leo Castelli, there would never have been a Larry Gagosian.