A l’enterrement d’un centre d’art
The article reports on the closure of a contemporary art center, described metaphorically as a funeral. It details the final days of the institution, the reactions from the artistic community, and the circumstances leading to its demise, such as funding cuts or policy changes.
On July 23, U.S. Senator John Fetterman introduced the Art Market Integrity Act, a bill that would apply anti-money laundering (AML) and counter-terrorism financing regulations to art dealers, auction houses, galleries, advisers, consultants, custodians, museums, collectors, and other intermediaries in the art market. The legislation amends the Bank Secrecy Act, requiring these entities to conduct client due diligence, maintain records, and report suspicious transactions. It exempts artists selling their own work, nonprofits, and businesses with under $50,000 in annual art transactions. The bill is co-sponsored by Senators Chuck Grassley, Sheldon Whitehouse, Bill Cassidy, Andy Kim, and David McCormick.
A new Otis College Report on the Creative Economy, titled "In the Shadow of the Pandemic Cliff," was presented at the Getty Center in Los Angeles. The report, prepared by Westwood Economics and Planning Associates, analyzes financial data from 2011 to 2023 for nonprofit cultural organizations in Los Angeles County, including museums, art schools, and performing-arts groups. It reveals that while revenues for these nonprofits surged by 47% during the early pandemic years due to special relief funding, that support has since faded. By 2023, 60% of surveyed organizations reported less public funding and 51% saw declines in private donations, a trend the report calls the "Covid cliff."