NFTs barely bring a trickle of profit to galleries, report says + other stories


Art Industry News is a daily summary of the most important developments in the art world and the art market. Here’s what you need to know this Thursday, April 21.

NEED TO READ

Paintings blocked in Korea as sanctions block flights – Artwork on loan from Russia to institutions in Seoul is blocked in South Korea following Western sanctions that limit flights out of the country. The “Kandinsky, Malevich, and the Russian Avant-Garde: Revolutionary Art” exhibit at the Sejong Museum of Art featured around 75 works, all on loan from at least four Russian institutions, including the Nizhny Novgorod State Art Museum and the Ekaterinburg Museum of Fine Art. -Arts. Earlier this week, Russia’s ambassador to France announced that the travel hiatus could “complicate the return” of art. (The arts journal)

Tracey Emin shares a very personal photo on Instagram – YBA artist Tracey Emin speaks candidly about her changed body since undergoing aggressive treatment for stomach cancer. In an Instagram post, the artist shared an image of his stoma, an opening in the abdomen that connects to the urinary system and is diverted out of the body by a urostomy bag. “It’s my stoma. Most people have never seen one. It’s something I’m supposed to hide forever,” she wrote. “My body will never be the same again.” (Independent)

There are fewer galleries selling NFTs than we thought – The NFT market may have surpassed $40 billion in 2021, but only 11% of art galleries sold NFTS in the past year, according to the Artsy Gallery Insights 2022 report. Some 67% of 870 gallerists surveyed said their clients hadn’t asked questions About them. About half of those who sold NFTs said the total sales value was $5,000 or less, while 20% said it was between $5,000 and $14,999. Only 5% managed to raise more than $250,000 in NFT last year. (FinancialTimes)

A work of art deemed ‘impossible’ to show at the Venice Biennale – A print by the late Cuban engraver Belkis Ayon, The consecration (1991), which was selected for inclusion in the biennial’s main exhibition, “The Milk of Dreams”, ultimately did not arrive in Venice. The work is kept in the Ludwig Museum of the State Russian Museum in St. Petersburg, but due to Russia’s invasion of Ukraine it became “impossible to show the work”. An image of it, however, is now on display where the original would have been installed. (TANNING)

MOVERS AND SHAKERS

Opening of the Early Morning Club “Brutally” by Hans Ulrich Obrist in Venice – Nearly 40 people took up the challenge of rising early on the third day of the Venice Biennale’s preview to attend the Serpentine Gallery director’s “brutally early” salon at 7 a.m. The club was originally founded in 2006 to bring writers and artists together for conversations before starting their day. It was the band’s first time hosting an event in Venice. The discussion focused on the themes of “Dixit Algorizmi, the garden of knowledge”, the inaugural pavilion of Uzbekistan. (Press release)

Christie’s New York will donate proceeds to amfAR – Proceeds from the sale of 14 works featured in the auction house’s upcoming Post-War and Contemporary Art Day sale on May 13 will go to amfAR’s Research Initiative to End to the HIV/AIDS epidemic. The works, including that of LeeLee Kimmel No. 8 ($60,000 to $80,000) and that of Alex Eagleton Portrait candle: ciao ($18,000 – $25,000), were donated by the artists. (Press release)

The Edouard Malingue Gallery in Hong Kong changes its name – The Hong Kong gallery founded by art dealer Edouard Malingue has been renamed Kiang Malingue in honor of Malingue’s partner, Lorraine Kiang, and to celebrate their decade-plus relationship. The announcement preceded the gallery’s participation in Art Basel Hong Kong in May. (instagram)

FOR THE ARTS

The Banksy mural of a town in Wales has been replaced by one of… Michael Sheen? – Months after Wales lost its first and only Banksy mural, Season’s Greetingswhat was picked up and shipped in England, a mural of Welsh actor Michael Sheen has appeared in the town of Port Talbot, where Banksy’s artwork was located. This is said to be the first of several murals by graffiti artist HazardOne. (BBC, Twitter)

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