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 Wednesday, May 2.

NEED-TO-READ

Trouble at Russia’s Venice Pavilion –  Russia’s deputy culture minister is worried that its pavilion at the Venice Architecture Biennale will be targeted by anti-Russian protesters. But its commissioner dismissed concerns, saying the “common enemy” are the contractors and the high cost of Venice. (The Art Newspaper)

Vito Schnabel Gives Zac Posen’s Artist Father a Second Chance – The fashion designer Zac Posen and his childhood friend Vito Schnabel are making sure that Posen’s artist father receives belated recognition. Schnabel is about to show Stephen Posen’s work in New York and, in July, in St Moritz. “I pulled away from being packaged,” says Stephen about why he turned his back on the art market after early acclaim. (New York Times)

Digital Technology Remakes Lost Paintings – Three lost masterpieces from art history—a Monet destroyed in a fire at MoMA, a Vermeer stolen from the Isabella Stewart Gardner Museum, and Van Gogh’s painting of sunflowers ruined in Japan during World War II—have been recreated with the help of digital technology from Factum Arte. (TAN)​

The Director of The Shed Director Reveals His Creative Vision – Alex Poots, the director of the Shed, New York’s performing arts behemoth in the Hudson Yards, outlines the thinking behind this month’s pop-up “prelude” to its spring 2019 opening. “We’re a place where artists can experiment with an idea and bring it to life, and then it can go into the world after it’s been presented here,” he says. (ARTnews)

ART MARKET

Chelsea Dealers Cash In On $28 Million Space – Andrea Rosen and Luhring Augustine Gallery made a 1,650 percent return when they sold their shared gallery for $28 million in March. They bought the former garage on West 24th Street for $1.6 million in 1997. (Bloomberg)

Kusama Poised to Set New Record – An early work by Yayoi Kusama featured in her touring respective at Tate Modern and the Whitney could set a new auction record of the Japanese artist. Untitled (1962), which is made of cardboard egg cartons, has an estimate of $7 million to $10 million at Sotheby’s New York. (ARTnews)

James Cohan Will Represent Matthew Ritchie – An artist formerly represented by Andrea Rosen has new representation since the dealer closed her gallery. Matthew Ritchie has joined James Cohan in New York. The artist is working on a 100-part series of paintings, performance, and floor and wall works called Time Diagrams. (ARTnews)

Collector Sues Sotheby’s for “Overpriced” Bronze – Sultan Sooud Al-Qassemi, a Gulf-based collector, is suing Sotheby’s, claiming the auction house sold him a bronze sculpture by the Egyptian artist Mahmoud Mokhtar for ten times its value as it was a posthumous cast. He is also upset that the agent involved in the £725,000 ($990,000) deal, was the mother of a Sotheby’s consultant. (Daily Telegraph) ​

COMINGS & GOINGS

Menil Drawing Institute to Open in the Fall – The extension of the Menil Collection has announced that it will open on November 3. The Houston-based institute will debut their new standalone space with an exhibition dedicated to Jasper Johns, which traces the artist’s career with 41 drawings. (NYT)

Goldsmiths Gets a New Contemporary Curator – Natasha Hoare has been appointed curator of the new Goldsmiths gallery, which is expected to open in September. Hoare was previously a curator at the Witte de With Center in Rotterdam. (Artforum)

Jasper Johns Backs Bomb Magazine’s $15 Million Fund – Leading artists including Jasper Johns, Barbara Kruger, and the late Jack Whitten have backed a fundraising campaign to raise a $15 million endowment that would secure the future of Bomb magazine and support its oral history of African-American artists. Christie’s is auctioning donated works this fall. (ARTnews)

Minister of Justice Resigns from documenta’s Board –  Hesse’s minister of justice, Eva Kühne-Hörmann, has resigned from the board of documenta, saying in a letter to the chairman that she wanted to avoid any conflict that could affect the investigation into the financial mismanagement of documenta 14. (Monopol)

FOR ART’S SAKE

Tate St. Ives Shortlisted for Museum Prize – The Art Fund’s Museum of the Year has announced the shortlist for its £100,000 prize. It includes the recently expanded Tate St. Ives and Hull’s Ferens Art Gallery, as well as London’s Postal Museum, the Glasgow Women’s Library, and the motor museum at Brooklands.  (Press release)

Wolfgang Tillmans Creates Design for Britten’s War Requiem – The Turner Prize-winning artist is working with the English National Opera on a production of Benjamin Britten’s War Requiem, marking 100 years since the end of the World War I. Tillmans will work with the artistic director Daniel Kramer on the production design. (Evening Standard)

Huntington Reunites Renaissance Altarpiece – Two panels by Italian master Cosimo Rosselli, Saint Ansanus and Saint Anthony Abbot, have been acquired by the Huntington Library in California. They will be reunited with the Madonna and Child in Glory in the Huntington’s collection. The original altarpiece was made up of seven paintings. (Press release)

Check Out the “Art-phabet” Typefaces  – The Madrid-based design studio CESS made a 3D-rendered typeface in which each letter of the alphabet is inspired by a famous artist and their most iconic work. So “A” is for Andy Warhol’s soup can, “D” is for Damien Hirst’s shark, and “Z” is for, err,… Edvard Munch?  (Design Boom)