Word: beene
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Dates: during 1980-1989
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Up to last Wednesday night, Picasso's 1905 Au Lapin Agile was widely expected to become the most expensive painting ever sold at auction. It had been put on the block at Sotheby's in New York City by heiress Linda de Roulet, whose brother John Whitney Payson had sold...
Tom Armstrong, director of the Whitney Museum of American Art in New York City, has a further worry: the growth of private, or vanity, museums. Some American collectors of contemporary art, he points out, think of themselves as institutions, and this would make them reluctant to donate art to a...
But the ultimate loss to art's hyperinflation may be wider and less tangible than this. Quite rightly, MOMA's Varnedoe rejects the idea that "there was some mythical period, now lost, when art was seen only as the shining purity of aesthetic experience. As long as there has been...
The problem is that although art has always been a commodity, it loses its inherent value when it is treated only as such. To lock it into a market circus is to lock people out of contemplating it. This inexorable process tends to collapse the nuances of meaning and visual...
American museums have in fact been hit with a double whammy: art inflation and a punitive rewriting, in 1986, of the U.S. tax laws, which destroyed most incentives for the rich to give art away. Tax exemption through donations was the basis on which American museums grew, and now it...