Sunday, February 1, 2009

The Art Empire

With the economy falling apart, investors and buyers at the edge of their chairs, museums and galleries are looking at the decline of investments in fine art. What now? How do they cope with hard times and the on-going need of corporate restructuring? Looking at Christie's and Sotheby's, the most sought-after auction houses who have indeed build their own empire, layoffs and change in management seem to be the best possible way. Other museums, such as Massachusetts' Rose Art Museum, which holds a lot of the important postwar collections of New England has decided to sell off entire holdings. Indeed, it is a sad time for the art world. Museums and galleries have been hit hard too and is trying its best to hold its place in the market. For some, cutting back shows and canceling exhibitions is not so much of an option. The game plan is, when the tough gets going, they pull out all the fabulous and exquisite collection out of their storage. Take MoMa for instance with their great exhibition line ups, which so far have been quite mind blowing. I just went yesterday again to see Pipilotti Rist's grand exhibition. Quite moving, it definitely gives a different light on the museums atmosphere and mood. Not only was it visually stimulating, but it was quite an experience ease dropping and listening to different conversations that went on in the space.

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