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 28.
NEED TO READ
The Wealth Transfer of Baby Boomers – As more and more collections from a generation of baby boomer buyers head to market, these lots face a bidding market that has changed dramatically. Baby boomer bidders are down, down 8% from a year ago. At the same time, young buyers are less fond of the post-war tastes of their parents and more fond of new media, such as video art, which raises the question of whether the supply of art collections baby boomers will have a demand. (The arts journal)
New Restitution Notice from Ireland – The nation plans to form a committee of experts tasked with creating guidelines for cultural institutions in the treatment of objects of unknown provenance, including those from the colonial era, which may be found in their collections. The committee will also advise the government on the restitution and repatriation of heritage, following the example of nations such as Belgium and the Netherlands. (The arts journal)
Samsung heirs’ $10 billion estate tax bill – South Korea’s richest family is borrowing about $3 billion to meet their current bill of more than 12 trillion won ($9.2 billion) in inheritance tax they’ve had to pay the death of Lee Kun-hee, the patriarch and longtime head of Samsung Electronics. Co.. The plan is to pay it in six installments over five years. South Korea faces one of the highest death taxes in the world, which can reach 60%. Family donated tens of thousands of works of art to state museums in 2021. (Bloomberg)
The new gallery of the Royal Collections of Spain – Madrid is opening a major new museum this month called the Royal Collections Gallery, which will house the treasures of the Spanish Crown. Over 25 years in the making and costing nearly 173 million euros, the ambitious museum project will be an international showcase for royal sites and 650 works of art from its collections, including works by Goya and Velázquez. (The arts journal)
MOVERS AND SHAKERS
New director for Gallery Weekend Berlin – Antonia Ruder will take over the management of Gallery Weekend Berlin on November 1, 2023, succeeding Maike Cruse who took over as head of the Swiss Art Basel fair. She comes from her position as communication manager at Schaubühne, a popular theater in Berlin. (Press release)
Gainsborough house manager resigns – Mark Bills is stepping down as manager of Gainsborough’s House (in Sudbury, England) in August. He led the institution for over 10 years and led a £10million redevelopment. (Press release)
Claudette Johnson at the Courtauld – A major exhibition of the work of one of the most important figurative artists of his BLK Art Group will take place from September 29 at the London institution. (Press release)
FOR ART
Bridget Riley at the Morgan – “Bridget Riley Drawings: From the Artist’s Studio” is on view until October 8 at the Morgan Library & Museum in New York. The exhibition features over 75 works on paper from the English op-art painter’s long career. (Hyperallergic)
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