Word: outting
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Dates: during 1970-1979
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A far more controversial move was made by Sotheby's last summer. The company announced that it had entered into an agreement with Citibank, the second largest banking organization in the U.S., to assist the bank's millionaire clients in acquiring artworks for investment. Though Sotheby's...
Pivar, who already owns canvases by Dante Gabriel Rossetti, Bouguereau and Burne-Jones, is constantly expanding his collection, which is already far too large to display in his cavernous two-story bachelor apartment off Manhattan's Central Park. He concedes that his paintings of diabolic winged creatures, furiously driven...
The flood of undiscriminating investment capital that flows toward art these days may yet produce a crisis analogous to the one that nearly sank the Bordeaux wine industry in the early 1970s. A surge of investment in Bordeaux vintages, to some extent by people who could not tell Medoc from...
In any case, whom does the art boom benefit? Only collectors and middlemen. Few artists get to share in it. This is partly because boom conditions create an unreal system of reputation, with most of the benefits going to a handful of stars at the top and scarcely anything to...
For most of us who cannot make or buy art but do want to look at it in peace, the art boom has been a disaster. The confusion of art with bullion may have done more to alter the way people experience works of art than any event since the...