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 on this Thursday, March 23.

NEED-TO-READ

Heiress Sues Pearl Lam Over Banksy Work – Karen Lo, an heiress of Hong Kong beverage empire Vitasoy International is taking the prominent gallery owner to court, alleging that Lam did not deliver Banksy’s 2005 painting Show Me The Monet that she had purchased for £500,000 ($613,000) from her. Lo accused Lam of falsely representing that she had bought the work on Lo’s behalf, according to court documents. (Reuters)

Ezra Chowaiki on the Art World’s “Gorgeous Cesspool” – In this first person account, the New York art dealer who was sentenced to prison for wire fraud dishes the dirty secrets in the art business and life behind bars. “The business is so secretive, and so opaque, that even though lies and fraud are rampant, no one gets in trouble,” he wrote. (Airmail)

Questionable Works Donated to Chicago Museum – Some 24 objects in the Art Institute of Chicago’s Alsdorf collection were found to have incomplete provenance by today’s standards according to a national online registry of museum pieces, including four that were believed to have been stolen from Nepal and exported illegally. The Nepal Heritage Recovery Campaign is seeking repatriation of the artifacts but they believed that the Art Institute is stalling the process. (ProPublica)

Expo Chicago Launches Blockchain App – Blockchain company Valence has teamed up with the Chicago fair to launch Valence Wallet, a new app that will allow collectors to purchase works and other services, including certificates of authenticity, insurance, shipping, and payment documents. (ARTnews)

MOVERS & SHAKERS

Liverpool Biennial Announces Program – Running from June 10 through September 17, the 12th edition of the biennial will be staged across the port city in northern England at new sites and venues including the historic buildings of Tobacco Warehouse and Cotton Exchange, as well as shopping mall Liverpool One, in addition to existing cultural venues. The full program comes with free events and performances. (Press release)

Pace Takes on Estates of Claes Oldenburg & Coosje van Bruggen – The mega-gallery will now exclusively represent the late artist duo and Pop Art pioneers. A major exhibition featuring Oldenburg’s drawings and sculptures along with a catalogue raisonné is slated for 2024. (ARTnews)

NADA Gets New Members – 18 galleries from 5 countries have joined the New Art Dealer’s Alliance ahead of the ninth edition of the NADA New York art fair this May. The new members include Marta (Los Angeles), The Watermill Center (Water Mill), Storm King Art Center (New York), O Gallery (Tehran), Xxijra Hii (London), and Saenger Galería (Mexico City). (Press release)

London Assembly Calls for New Statue of the Queen – City Hall politicians have unanimously agreed that a new monument honoring the late monarch should be erected in a “prominent, public location.” Earlier proposals suggested using the Fourth Plinth as a site of the monument. (Evening Standard)

FOR ARTS SAKE

We Want This Rose Wylie Streetwear – The celebrated British painter has teamed up with art marketplace Platform to launch a limited edition “ugly” hoodie featuring a screenprint of the artist’s work Black Cat (Bones) (Study). A total of 150 hoodies will go on sale on April 4. (Surface)