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 Monday, July 10.

NEED TO READ

Artists Are Struggling in London – Nearly a third of artists said they might have to give up on their careers within five years because of a lack of funds, according to a report by England’s affordable studios provider Acme. About half of the interviewees said they could not save money or contribute to a pension plan, and only 12 percent said they could support themselves through just art. “It is like a hostile environment now,” said London-based artist Gayle Chong Kwan. (Guardian)

Angelina Jolie Is Moving Into Basquiat’s Old Studio – The Oscar-winning actress will take over the space located at 57 Great Jones Street as part of an eight-year commercial lease for her creative venture Atelier Jolie, real estate agency Meridian Capital Group confirmed. Andy Warhol and Jean-Michel Basquiat lived and worked at the Manhattan property, which has 6,600 square feet of space spanning three floors. (ARTnews)

After 60 Years, Painting Reattributed to Gainsborough – A portrait of a one-armed naval veteran has been attributed to Thomas Gainsborough, an 18th century painter. The work was sitting in storage for nearly six decades and now Royal Museums Greenwich launched a campaign to raise £60,000 ($76,923) for conservation work on the painting and its frame so that it can be hung in the Queen’s home next year. (Guardian)

Nancy Yao Withdraws From Directorship – The former head of the New York-based Museum of Chinese in America will not be taking the helm as the founding director of the forthcoming America Women’s History Museum in Washington, DC. Yao said the reason was “family issues”. In April, the Smithsonian launched an investigation following claims that she mishandled sexual harassment allegations at her former position in New York. (New York Times)

MOVERS & SHAKERS

Art Market Hamptons Postponed – The art fair held every year at affluent New Yorkers’ favorite summer destination has been canceled this year and will return in August 2024, citing “unforeseen logistical issues.” (The Art Newspaper)

Artissima Launches Two New Prizes for Its Anniversary – The Turin fair returns in November for its 30th edition with the two new prizes. One will be dedicated to a female dealer and another will grant a chosen artist an opportunity to create an original work for the famous Pista 500. The Acquisitions Fund organized by Fondazione per l’Arte Moderna e Contemporanea CRT has also been increased to €200,000 ($219,235). (Press release)

Moretti Is Opening a Gallery in Paris – The gallery specializing in Old Masters and classical paintings and sculpture is opening an outpost at 1 Place du Louvre, just across from the august museum. It will be its third location after London and Monaco. In September, the new space will open with an exhibition of Italian Baroque works. (Press release)

Matt Johnson’s Desert X Sculpture Lands in Marfa – The 150-foot-long and 40-foot-wide sculpture titled Sleeping Figure, which is comprised of 12 shipping containers organized to look like a figure in repose, debuted at Desert X in the Coachella Valley earlier this year. The work was donated to Marfa Invitational and will be installed on a site the foundation plans to erect an art space. (Glasstire)

FOR ART’S SAKE

West Bund Museum to Present ‘Mirrors of the Portrait’ – The exhibition featuring nearly 300 works from the collection of Centre Pompidou will go on show at the Shanghai museum from July 21 to November 5, 2024. The exhibition is the third in a five-year collaboration between the Paris institution and the West Bund Museum Project. (Press release)

Kees Van Dongen, Portrait of Billy (1920) © Adagp, Paris, 2023. Crédit photographique : © Centre Pompidou, MNAM-CCI / Philippe Migeat / Dist. RMN-GP