Art Industry News: Hedge-Fund Manager Ken Griffin Just Bought a Basquiat From Peter Brant for More Than $100 Million + Other Stories

Art Industry News is a daily digest of the most
consequential developments coming out of the art world and art
market. Here’s what you need to know on this Thursday, June
4.

NEED-TO-READ

What a Time to Start a New Job as an Arts Leader
– A new generation of
directors is taking over arts institutions across the US at an
unprecedented time. Rather than simply introducing themselves to
their audiences and staff, these green leaders must answer
questions of how and when to reopen, how to manage financial
losses, and how to address communities convulsed by protest and
unrest. (They also must figure out how to do all of this over
Zoom.) “Nobody really knows how to deal with this,” said Sarah
James, who specializes in cultural executive searches at the firm
Phillips Oppenheim. (New York Times)

Scammer Who Bought Art Using a Fake Identity Is Sentenced
– A court has sentenced the
Florida-based designer Antonio DiMarco to 54 months in prison for
buying artworks from galleries, auction houses, and private
collectors using a stolen identity. DiMarco impersonated a wealthy
octogenarian to win a Mark Rothko painting at Sotheby’s in November
2017 and, according to the New York district attorney, continued to
fraudulently buy art until at least October 2018. (TAN)

Ken Griffin Buys a $100 Million Basquiat
– The art market has always seemed to operate in its
own universe, somewhat disconnected from the reality of the rest of
the world—and right now is no different. According to the industry
newsletter Baer Faxt, hedge-fund manager Ken Griffin purchased a
work by Jean-Michel Basquiat privately for more than $100 million.
(The news comes as New York’s major spring auctions have been
rescheduled and activity at the top of the art market has been
quiet.) The seller was reportedly Peter Brant, Griffin’s new
neighbor in Palm Beach, who mounted a glitzy display of the
artist’s work at his private museum in Manhattan last year.
Basquiat’s public auction record is $110.5 million, set at Sotheby’s in
2017. (Baer Faxt)

Helsinki Plans a New Museum as Part of Lockdown Relief
– As part of its recovery plan following the
public-health lockdown, the Finnish government is funding the
construction of an architecture and design museum in Helsinki. The
country’s €1.3 billion supplementary budget includes €60
million for the museum, which will be built in the city’s South
Harbor. The museum is expected to open in 2025. “We strongly
believe that the new museum can empower everyone to take an active
part in the new solutions of the future,” the museum’s directors
said in a statement. (dezeen)

ART MARKET

Artissima Launches an Online Platform Ahead of November Fair
– As art fairs around the
globe work to flesh out their online offerings, the Italian fair
has created a digital platform called Fondamenta, which launches
tomorrow and runs until July 5. Each participating gallery will
show works by one selected artist. Galleries will receive 100
percent of the profits from any sales. (Press
release)

The Musée d’Orsay Bought an Early Manet at Christie’s –
The Paris institution purchased a
painting by Édouard Manet for €95,000 ($106,716) from a recent
online sale. The famous Impressionist created the work, based on a
portrait by Filippino Lippi, when he was just 21. The acquisition
is the 30th work by Manet in the museum’s collection.
(Le Figaro)

Auction Sales Tumble By 97 Percent – Christie’s, Sotheby’s, and Phillips saw sales
fell by 97 percent year-over-year in May, a month that is usually
the high season for auction houses. Sales fell from nearly $2.9
billion in 2019 to just $93 million last month, according to data
from Pi-eX. It is the lowest public auction total recorded since
2007, when the company began keeping records. Last month, the major
auction houses all held sales strictly online due to ongoing
lockdowns. (Financial Times)

COMINGS & GOINGS

First Tallinn Biennial Will Open in July – Estonia’s
capital has launched its own
biennial in an effort “to fill the gap, geographically and
institutionally, between the Kaunas, Riga, and Helsinki Biennials,”
organizers say. The inaugural Tallinn Biennial will run from July 2
through 30, with the opening taking place during Tallinn’s Art
Week. (Press
release)

CAS Reveals Museum Acquisitions From Its Rapid Response Fund
– The art-buying organization
Contemporary Art Society has revealed the first acquisitions made
on behalf of museums as part of its Rapid Response Fund. By selling
limited edition artist-designed masks, the fund has raised more
than £200,000. The first grant recipient is Reading Museum, which
will be gifted a new commission by artist Eleanor Lakelin
memorializing Oscar Wilde using timber from chestnut trees outside
of Reading Gaol. (Press
release)

FOR ART’S SAKE

A Mysterious Sculpture Appeared in Bremen – A mysterious bronze sculpture of a downtrodden
figure pushing a shopping trolley appeared overnight in a park in
Bremen, northwest Germany. The city is buzzing about where it came
from, and is letting it stay put for now, as technical documents
about the sustainability of its materials were anonymously
delivered to city authorities after it was installed.
(Monopol)

Gladstone Gallery Raises $30,000 – Art galleries
including Galerie Lelong and Gladstone Gallery are offering to match
donations to causes and organizations fighting racial injustice.
Gladsone raised more than $30,000 in less than 24 hours after it
announced that it would match $100 donations up to $15,000.
(Instagram)

The post Art Industry News: Hedge-Fund Manager Ken Griffin
Just Bought a Basquiat From Peter Brant for More Than $100 Million
+ Other Stories appeared first on artnet News.