Artists Not Pleased By Quick Art Flip

Many artists and curators are angry over the recent sale of some 200 works of Chinese art at auction in New York. “As the collection was being formed, they were duped into thinking that a rich Westerner was putting together a permanent collection and would eventually donate some of the works to leading museums. Instead, they say, the buyers were a group of investors who quickly cashed in…”

The Steady Rise Of Art Banking

As global wealth becomes ever more concentrated in the hands of a few, those who view art as a high-end investment are looking for advice and counsel from those who know the art world best. “Art banking is just one of a growing number of non-traditional wealth-management services for the ultrarich.”

Boeing Gives Black History Museum A Boost

The Smithsonian’s new African American History Museum, which is in the early stages of creation, received a $5m gift from Boeing this week. “Smithsonian officials say they expect the museum to cost in the neighborhood of $500 million, more than the recently opened Newseum and the most expensive Smithsonian project to date.”

Is Opera On The Big Screen Actually Profitable?

The wave of operatic simulcasts in digitally equipped movie theaters appears likely to grow in the coming years, as companies worldwide attempt to duplicate the success the Metropolitan Opera has had with such shows. But “for opera companies, the payoff is not so clear. The emerging distribution model involves unusual alliances between not-for-profit organizations and the world of commerce.”

Eakins Painting To Stay In Philly

“It’s taken a citywide fund-raising effort and the sale of two paintings and two drawings by Thomas Eakins, but the Philadelphia Museum of Art and the Pennsylvania Academy of the Fine Arts have now managed to raise the entire $68 million needed to keep an Eakins masterpiece, ‘The Gross Clinic,’ in Philadelphia.”