MIA Campaign Exceeds Goal

“The Minneapolis Institute of Arts ended a multiyear capital campaign Wednesday with $103.2 million in contributions. The money… exceeded the museum’s original $100 million goal, enabling it to pay for a $50 million addition and renovation project that opened in June and to set up 78 endowments to buy art for each department.”

Banking On A Museum

New York’s Park Avenue Bank has given over some of its space to house a museum. “Art and commerce frequently intermingle in New York. Many companies have their own art collections, and some landlords introduce large-scale artworks into corporate spaces, as Aby Rosen has done at Lever House and the Seagram Building. Still, this collaboration is unusual.”

Monet’s Sketchy Story

A new exhibit at a Massachusetts gallery purports to show that Monet was not “the anti-draftsman he led the public to believe, and that he relied on drawing both to prepare for his paintings and as an independent form of expression… Although Monet helped perpetrate the myth that he did not, and maybe even could not, draw, nearly 500 of more than 2,500 works mentioned in his catalogue raisonné are sketchbooks, drawings and pastels. Yet, until now, few scholars have paid much attention to them.”

NY Rejects A Norman Foster Building

“The New York City Landmarks Preservation Commission resoundingly rejected a proposal yesterday to build a 30-story glass tower designed by Norman Foster atop a 1949 building on Madison Avenue. The decision was a major victory for a coalition of Upper East Side residents who argued that the tower would rend the fabric of their historic neighborhood.”

An Art Market Turned Upside Down

“When the market rules, the old rules of collecting and connoisseurship are overturned: Quality judgments seem out-of-whack in a wacky world where Rembrandt’s auction record of $28.69 million is eclipsed by Klimt’s auction record of $87.9 million. Art investors formerly expected to hold onto works for five years or more to turn a profit; now big bucks are made on quick flips. Young artists, still wet behind the ears, sell still-wet canvases and become instant (if ephemeral) art stars.”

Flintridge Foundation Stops Artist Grants

“The Pasadena-based Flintridge Foundation has dropped its 10-year-old visual artists’ grant program, blaming ‘severe investment losses’ from 2002 to 2004. The foundation, founded in 1985 by the estates of Francis and Louisa Moseley, has awarded 10 to 12 grants of $25,000 every other year, distributing $1.4 million among 56 artists since 1997. In addition to ending the artist grants, foundation officials say they will stop making grants to theater organizations and conservation efforts in 2008.”