Economics

NEA and other arts agencies given funding boost by Congress

After pushing to eliminate the agencies, US President Donald Trump reluctantly signed a spending bill that assures their survival for 2018

Picasso painting offered in money-laundering scheme, US feds say

London art dealer Matthew Green embroiled in case that involves attempted sale of a painting to an undercover agent to 'clean up' £6.7m, court documents state

The Met's new admissions fee goes into effect

Many visitors responded to the change with a shrug, although some were more critical of the mandatory charge

Trump wants to axe NEA and other culture agencies—again

The president’s 2019 budget includes a similar proposal to last year’s failed plan to defund America’s arts bodies

Artists would do well to invest in their own work, study says

New research suggests that artists may be better off retaining equity in their own work than investing in the stock market

Are there any artists left in San Francisco?

City survey investigates the effect of tech boom rent rises on the arts sector

Taxnews

How the new US tax law affects the art world

President Trump today signed sweeping changes to the tax system that will impact wealthy individuals, art businesses and museums

Lawnews

How Trump’s new tax plan could affect the art world

GOP proposal could result in fewer gifts to museums and less art on the market

Art means business in San Francisco

A new report finds that the city’s arts and culture sector generates $1.45 billion in spending each year

Outlook is sunny for museum employees, AAMD survey says

According to the organisation's 2017 Salary Survey, released today, US institutional pay has increased at a higher rate than the overall jobs market

Andrea Fraser tracks down museum trustees' political donations

The artist says her project will examine how the US has become a plutocracy

NEA and other culture agencies spared the axe

Bipartisan spending Congressional bill even gives a small boost to their budgets

What does Trump's plan to abolish estate tax mean for collectors?

The plan could be a mixed bag for both wealthy market players and cultural charities

House Republicans join fight to save NEA

Bipartisan letter to budget committee urges an increase in funding

What does the election mean for France’s art market?

The country’s presidential election on 7 May could strengthen or derail the trade, with the emergence of far-right contender Marine Le Pen a particular cause for concern

Trump wants to axe NEA and other culture agencies

The president’s first federal budget proposal would also eliminate the National Endowment for the Humanities, the Institute of Museum and Library Services and the Corporation for Public Broadcasting

Economist Rachel Pownall to present online art market report at Tefaf Spring in New York

Her recent survey of art and antiques dealers revealed that 67% expected their online third-party sales to increase

Asian buyers helped bolster Sotheby’s revenue in 2016, auction house reveals

Tad Smith gives credit to the Eastern market during fourth quarter earnings call, as well as growing online sales and aggressive recruitment

Stake in $14.7m De Kooning painting among Steven Mnuchin’s assets

Trump’s nominee for treasury secretary listed the work as part of a dynasty trust, federal ethics filings reveal

France to increase funding for museums and acquisitions in 2017 budget

The minister of culture, Audrey Azoulay, said she understands the “difficulties” museums face in the wake of terror attacks

Sotheby’s sales down 31% this year amid overall auction market slowdown

Auction house’s chief executive Tad Smith did not sugar-coat the news to investors during Monday morning’s second quarter earnings call

Economist Clare McAndrew lured away from Dutch fair Tefaf to crunch numbers for Art Basel

Her annual global market report, now sponsored by the Swiss fair and UBS, will be published to coincide with next year’s Hong Kong edition

Little museum, big gift: Renaissance Society receives $1.5m in pledged funding for artist commissions and shows

The University of Chicago kunsthalle, content to stay small, focusses on producing new work

Brazilians put a brake on art buying at SP Arte

Local collectors were scarce as the country heads into a deep recession

It’s official: art sales fell in 2015

Annual Tefaf report shows 7% decline in a polarised market tilted toward the one-percent

Art world’s billionaires are slightly less rich

Forbes’ annual ranking of the world’s wealthiest people reveals that personal fortunes may have taken a hit, but the same names stay at the top

A tale fit for Homer: the decade-long odyssey of Athens’s National Museum of Contemporary Art

The saga behind a much-delayed home for the city’s contemporary art collection reflects many of modern Greece’s woes

The really white cube: New York’s culture groups less diverse than they think

Survey conducted by the city’s cultural affairs department finds workforce does not match up with demographics

Insurance rates drop back to pre-Hurricane Sandy levels

Premiums head south but conditions more onerous

Russia’s private museums defy the economic odds

Institutions are burgeoning in the face of sanctions and currency devaluation