NFTs barely make a living from galleries, report finds + other stories

Art Industry News is a daily summary of the most important events coming from the world of art and the art market. Here’s what you need to know on Thursday, April 21st.

MUST READ

Pictures stranded in Korea because sanctions stop flights – Works of art borrowed from Russia by institutions in Seoul are stuck in South Korea as a result of Western sanctions restricting flights from the country. The exhibition “Kandinsky, Malevich and the Russian Avant-Garde: Revolutionary Art” at the Sejong Art Museum presented about 75 works, all borrowed from at least four Russian institutions, including the Nizhny Novgorod State Art Museum and the Yekaterinburg Museum of Fine Arts. Earlier this week, Russia’s ambassador to France announced that a travel interruption could “complicate the return” of art. (The Art Newspaper)

Tracey Emin shared a very personal picture on Instagram – YBA artist Tracey Emin is becoming honest about her altered body since she underwent aggressive treatment for stomach cancer. In an Instagram post, the artist shared a picture of her stoma – an opening in the abdomen that connects to the urinary system and is diverted from the body through a urostomy bag. “This is my stoma. Most people have never seen him. That is something I should hide forever, “she wrote. “My body will never be the same.” (Independent)

There are fewer galleries selling NFTs than we thought – The NFT market may have surpassed $ 40 billion in 2021, but only 11 percent of art galleries sold the NFTS last year, according to the Artsy Gallery Insights Report 2022. About 67 percent of the 870 gallerists surveyed said their clients did not ask for them. Only about half of those who sold NFT commercials said the total sales value was $ 5,000 or less, while another 20 percent said it ranged from $ 5,000 to $ 14,999. Only five percent managed to earn more than $ 250,000 in NFTs last year. (Financial Times)

Works of art considered “impossible” to exhibit at the Venice Biennale – Imprint of the late Cuban graphic artist Belkis Ayon, consecration (1991), which was selected for the biennial’s main exhibition, “Dream Milk”, did not arrive in Venice. The work is housed in the Ludwig Museum in the State Russian Museum in St. Petersburg, but due to the Russian invasion of Ukraine, it has become “impossible to show the work.” However, his painting is now on display where the original would have been installed. (TAN)

STARTERS AND SHAKERS

Hans Ulrich Obrist’s ‘Brutal’ early morning club opens in Venice – Nearly 40 people accepted the challenge to get up early on the third day of the Venice Biennale review to attend the “brutally early” salon of the director of the Serpentine Gallery at 7am. The club was originally founded in 2006 to bring writers and artists together for talks before they start their day. This was the first time the group had held an event in Venice. The focus of the discussion was “Dixit Algorithms, the Garden of Knowledge”, the inaugural pavilion of Uzbekistan. (Press release)

Christie’s New York will donate revenue to amfAR – Proceeds from the sale of 14 works shown at the upcoming sale of the auction house’s post-war and contemporary art days on May 13 will go to amfAR’s research initiative to end the HIV / AIDS epidemic. Works, including LeeLee Kimmel’s number 8 ($ 60,000-80,000) and Alex Eagleton Candle as a portrait: ciao ($ 18,000-25,000), donated by artists. (Press release)

Edouard Malingue Gallery in Hong Kong changes its name – The Hong Kong gallery, founded by retailer Edouard Malingue, was renamed Kiang Malingue in honor of Malingu’s partner, Lorraine Kiang, and to celebrate their more than decade-long relationship. The announcement came ahead of the gallery’s participation in the Hong Kong Art Basel in May. (Instagram)

BECAUSE OF ART

The mural of Banksy in Wales has been replaced by one of … Michael Sheen? – Months after Wales lost its first and only Banksy mural, Congratulations, which was removed and sent to England, a mural by Welsh actor Michael Sheen appeared in the town of Port Talbot, where it was once the work of Banksy. It is said to be the first of several murals by graffiti authors HazardOne. (BBC, Twitter)



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