Art Industry News: Sotheby’s Stock Down 10% After Earnings Call + More Must-Read Stories

Plus, Latin American galleries launch a collaborative pop-up in Los Angeles and the Cantor Art Center names a new director.

Oliver Barker, Sotheby's European Chairman, fields bids for Andy Warhol's Self Portrait (1963-64) during the Contemporary Art Evening Auction at Sotheby's on June 28, 2017 in London, England. Photo: Michael Bowles/Getty Images for Sotheby's.

Art Industry News is a daily digest of the most consequential developments coming out of the art world and art market. Here’s what you need to know this Monday, August 14.

NEED-TO-READ

Want to Donate Art to a Museum? Buckle Up – While many collectors dream of donating their art to a museum (not least for the sizable tax deduction), the process is not as easy as it sounds. “We’re being very careful with what comes into the collection,” said Stephanie Ingrassia, a Brooklyn Museum trustee. “We used to be a place where Grandma’s furniture ended up.” (New York Times)

A Bootcamp Is Grooming Artists to Run for Office – Can these artists move from the biennial to the ballot? This October, the free Artist Campaign School, a nonpartisan boot camp, will bring together more than 100 artists in Detroit to train them in politics 101. (Artsy)

Vietnamese Art Market Wrestles With Fakes – When artist Nguyen Thanh Chuong discovered that one of his paintings had been misattributed to one of the country’s best-known artists, Ta Ty, it set off a scandal that has shaken the Vietnamese art world. The country’s art market is riddled with forgeries that have fooled major national museums—and, allegedly, auction houses too. (NYT)

Dan Loeb Apologizes for Statements About State Senator – The art collector and activist investor has issued a statement apologizing for the (since-deleted) comments he made on Facebook about New York State Senator Andrea Stewart-Cousins and her charter-school policy, which he said had done “more damage to people of color than anyone who has ever donned a hood.” (ARTnews)

ART MARKET

Latin American Galleries Launch Co-Op in LA – The Condo model strikes again—this time, in Los Angeles. The Mexico City-based dealer Brett Schultz is setting up a year-long cooperative in which five Latin American galleries will present rotating shows in a space in Glendale, boosting their international presence without breaking the bank. (The Art Newspaper)

Sotheby’s Stock Down 10% After Earnings Call – In the week of trading since the auction house released its second quarter earnings, its stock has dipped by 10 percent, which Marion Maneker describes as “the classic market definition of a correction.” Even with the supposed correction, however, the stock remains 25 percent higher than it was prior to its February earnings call. (Art Market Monitor)

FIT Revamps Art Market Master’s Program – With the aim of making its art market program more accessible and inclusive, New York’s Fashion Institute of Technology has reduced tuition by 25 percent by condensing the curriculum from four to three semesters. It has also added new coursework focusing on the auction world. (TAN)

COMINGS & GOINGS

Photographer Hashem El Madani Has Died – The Lebanese portrait photographer is estimated to have captured around 90 percent of the inhabitants of the city of Sidon before his studio was destroyed by bombing in 1982. His passing was announced the Arab Image Foundation, which began archiving El Madani’s work in 1999. (ARTnews)

Stanford’s Cantor Arts Center Names New Director – The art historian Susan Dackerman, who was most recently a German Renaissance scholar at the Getty Research Institute, begins her new role at Stanford’s Iris & B. Gerald Cantor Center for Visual Arts on September 18. (SFGate) 

New Leader for NYPL’s Center for Scholars and Writers – American novelist Salvatore Scibona will lead the center, which hosts 15 fellows a year. His second novel following the award-winning The End (2008) is scheduled to be released by Penguin Press in 2019. (Artforum)

FOR ART’S SAKE

PST LA/LA Could Change Art History Forever – The organizers of Pacific Standard Time: LA/LA, which opens this fall, plan to measure success less by tourist dollars generated and more by art historical impact. “This will change art history by including in the canon much more Latin American art than what is usually considered,” says Getty CEO James Cuno. (TAN)

Turrell to Create New Commission for Queensland – To mark its 10th anniversary, the Gallery of Art in Queensland, Australia, will add a major light work by James Turrell to illuminate the museum’s façade. (Art Daily)

National Gallery of Canada Opens New Galleries – Around 800 works from the National Gallery’s collection will go on view in the newly completed Canadian and Indigenous Galleries, the first addition to the museum’s building since 1988. (designboom)

The Tom of Finland Movie Trailer is Out – Watch the trailer to the highly anticipated biopic about the turbulent life of Touko Laaksonen, the Finnish artist who gave artistic expression to leather and fetish homoeroticism. (YouTube)


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