Art Industry News is a daily summary of the most important developments in the art world and the art market. Here’s what you need to know this Wednesday, June 1st.
NEED TO READ
Dealer loses bid for Nazi-looted works – Two works by Egon Schiele are set to go on sale at Christie’s this autumn after London art dealer Richard Nagy failed to win his appeal in a case that forced him to return the paintings to the heirs of the Austrian victim of the Holocaust Fritz Grünbaum. The New York Court of Appeals decision ends a seven-year legal battle over the works. (New York Post)
Fayez Sarofim, Houston Financier and Museum Benefactor, Dies at 93 The Egyptian-born billionaire died May 28 at his home in Houston, his family confirmed. Last year, Sarofim presented highlights from its collection, which includes works by John Singer Sargent, Winslow Homer, Robert Motherwell and Pablo Picasso, at the Museum of Fine Arts in Houston. He said Silver magazine in 1999 that he has the same golden rule for investing and collecting art: “Never sell”. (Bloomberg, Barrons)
New Report Ranks America’s Best Art Cities – New York, Los Angeles, San Francisco, Chicago and Miami are the top five US cities contributing to the international art market, according to a new report by art economist Clare McAndrew. The United States accounted for nearly half of all art sales in 2021. Here’s a fun New York fact from the data: City institutions mounted 36% of all exhibitions held nationally between 2017 and 2021. (ART news)
British Museum returns looted medieval artefacts to Ukraine Historic Ukrainian jewelery seized at Gatwick Airport last July will be put on display at the British Museum until it can be safely returned to Kyiv. The collection, which was illegally exported out of the country, includes a total of 86 pieces and represents only a fraction of the “gigantic transnational looting of Ukrainian heritage” during the war. (evening standard)
MOVERS AND SHAKERS
Rémy Jungerman wins the Heineken Prize – The multidisciplinary artist was awarded the Dr. AH Heineken Prize for Art, the highest prize for visual art in the Netherlands. Jungerman will receive €100,000, half of which will be used for a publication or exhibition. The artist is currently investigating the aesthetic similarities between Gee’s Bend and early 20th century brown shoulder pads. (Press release)
Biennale of Sydney appoints curators – Veteran Berlin curators Cosmin Costinaș and Inti Guerrero will be the artistic directors of the 24th edition of the biennale, which will run from March 9 to June 10, 2024. Costinas was previously executive director of Para Site in Hong Kong; Guerrero teaches curatorial studies at the Royal Academy of Fine Arts in Belgium. (Asia-Pacific Art)
The Japanese tower will land in museums – The iconic Nakagin Capsule Tower in downtown Tokyo is to be demolished, but some of the 140 stacked “capsules” that form the structure will be saved and shipped to museums around the world. The 13-story building designed by architect Kisho Kurokawa was built in 1972. (PA)
FOR THE ARTS
Digital art installation commemorates 50 years of climate action – A digital art installation by John Munro, 50/50, draws on UN data to illustrate the positive impact of 50 years of climate action. The work is included in “Transformers”, a new exhibit from the UN Science-Policy-Business Forum running alongside the UN’s Stockholm+50 conference. (Press release)
Follow Artnet News on Facebook:
Want to stay one step ahead of the art world? Subscribe to our newsletter to receive breaking news, revealing interviews and incisive reviews that move the conversation forward.