One of the world’s most prominent art collectors, Agnes Gund and her daughter Catherine Gund, both signed a letter urging all candidates for the 2020 U.S. Presidential election to call for a wealth tax. She is quoted “Those of us in the richest 1/10 of the richest 1% should be proud to pay a bit more of our fortune forward to America’s future,” the letter reads. “We’ll be fine—taking on this tax is the least we can do to strengthen the country we love.”
Kehinde Wiley is launching a new multi-disciplinary artist residency project in Dakar, Senegal, called Black Rock Senegal after the volcanic rock ubiquitous on the Senegalese coastline. Of African heritage himself, Wiley was raised in LA but his father was from Lagos. In a statement, he said the creation of this project “Came out of a direct need to engage Africa in a much more personal way. After years of exploring the continent’s many cultures and countries I had a personal desire to create a workspace in West Africa. As an artist who works in the west I desired a space of renewal to explore new ideas and to create work outside of a western context—to create work within the context of my own lineage.”
Wiley credits the residency he undertook at the Studio Museum in Harlem, New York as a formative part of his career, and hopes to in part offer similar services. According to Sean Kelly, who represents Wiley at his gallery in New York, “He traces his career back to that point today as the time that sparked the beginning of his professional career. This gives him the opportunity to give back and enfranchise younger artists.” Those accepted to the programme will receive board, lodging, a stipend and studio space for one to three months.
The project will run from June 2019 through January 2010. Applications for the programme are due by April 15th, and the selection of artists is expected to be announced in early May.
When you hear the name Coachella you’d be forgiven for your mind leaping to one thing; the famous annual Coachella music festival. But the Coachella Valley is also making waves on the contemporary art scene as the home of Desert X, a biennial contemporary art show now in its second edition. Desert X was founded in 2015 ‘to bring the finest international artists to the Coachella Valley to create art, engage viewers and focus attention on the valley’s environment.’ The first edition was held in 2017.
Running February 9 to April 21, 18 artists have created site-specific installations in an area spanning 55 miles, influenced by the varied, often barren landscape, its people, history, architecture and economics in an effort to explore how art behaves outside of institutional walls. Neville Wakefield, the Desert X artistic director, said, “What’s exciting about a site-specific show, which is what this is, is that really the place is the curator. The place creates and curates the objects, and I think the experiences.”
Read the Artnews Article here.
It’s early February which can only mean one thing; the contemporary art spotlight falls again on Mexico City, playing host to two of Latin America’s major art fairs from 6-10 February.
The bi-annual Zonamaco is running its 16th edition showcasing over 180 galleries from the Americas, Europe and Asia. Expect to see big names, new galleries, innovation and experimentation in the exhibition spaces and the concurrent conference program. Zonomaco will also be holding its Diseño, Salón and Foto exhibitions alongside the main event at the Centro Citibanamex.
Now in its sixth year, the Material Art Fair will be once again holding court at the Frontón México after a hugely successful 2018 edition in the same location. 73 exhibitors from 37 cities in 22 countries will be representing next generation, emerging and established commercial galleries, as well as not-for-profit and artist-led exhibition spaces. As artists, galleries, buyers and celebrities alike descend on CDMX, there are parallel events, gallery openings, talks, conversations and performances all against the stunning backdrop of Chilangolandia, the City of Palaces.
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It’s no secret that money market investors are in the business of chasing the best possible returns. What we think of as traditional assets, that’s to say stocks and bonds, have performed poorly in recent years amid ongoing market volatility; 2018 saw significant swings and was one of the most turbulent years on record.
Meanwhile, the art market grew 12% in 2017 to an estimated $63.7bn with the USA holding the number one position, according to a report published in March 2018 by Art Basel and UBS. This growth continued through 2018, increasing c.10.6% as at November, outperforming stocks and bonds and coming in ahead of other luxury assets including fine wine and classic cars. The chart reproduced above was published in the Wall Street Journal in December 2018, a sure sign that investors are taking notice.
As they seek to enhance returns in tough markets, investors find themselves increasingly looking towards luxury alternative assets for their returns potential and as a means of diversifying their risk. So-called ‘real assets’ tend to be uncorrelated to large market swings and provide something more tangible for an investor; gold was the traditional preserve of the real asset however it too has struggled. At this point, art is becoming a more compelling proposition for many.
You can download and read the full Art Market Report here.
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