Art Industry News: Damien Hirst Receives $ 21 Million Loan From UK Government Pandemic Relief Fund + More Stories



Art Industry News is a daily digest of the most important events in the art world and the art market. Here’s what you need to know this Friday, June 25th.


The head of ethics says prices for art by Hunter Biden are questionable – Walter Schaub, former director of the US Government’s Ethics Office under President Obama, said sales of Hunter Biden’s artwork seemed “shameful and insidious” because the buyers are anonymous. (Welcome to the art market, Walter!) He worries that people might pay to access his father’s government by buying his son’s paintings, which, as reported by Artnet Newsare estimated at $ 500,000. (A fox)

Jess de Waltz’s work returns to the RA store – An artist whose work was pulled Jess de Waltz from the Royal Academy of London gift shop accepted the apology. The embroidery master’s work has returned to display after being recalled due to accusations of transphobia related to comments she made in a 2019 blog post. But RA students are unhappy with the resolution, stating in a statement that “the Royal Academy has decided to give legitimacy to transphobia.” (Evening Standard, The Art Newspaper)

A glimpse into Damien Hirst’s finances – The British artist received a £ 15 million ($ 20.9 million) loan from the UK government’s pandemic fund, despite publicly owing more than £ 100 million to his parent company, Science. This man definitely keeps his accountants busy: Hirst’s two companies, Science (which deals with his own art) and Prints and Editions (which deals with his personal art collection), are guarantors of £ 36 million in bank loans. In light of the pandemic, reports suggest a “significant decline” until at least June 2022. (TAN)

Why the Musée Pino Museum of Paris is not a foundation – New Bourse de Commerce is a commercial company, not a foundation, although its founder, billionaire François Pinault, doesn’t seem to mind when the media calls it the latter. Sources say this assignment, while unusual, is a smart financial choice, given that the space could help offset stock exchange losses and cut tax payments. In addition, Pino has more options to transfer ownership of a private company to his heirs. (Le Monde)


Los Angeles opens its first gallery weekend – The first weekend galleries will be held in the huge city –growing trend in hungry markets– from July 28 to August 1. The event, organized by the Los Angeles Gallery Association, is timed to coincide with the Felix fair. (The newspaper “New York Times)

High prices for female artists at Canadian auction Modernist Canvas Emily Carr Thrown by the window Heffel Auctions was auctioned this week for C $ 3.1 million ($ 2.5 million) and 92-year-old Rita Letendre saw a new record for her work, which sold for C $ 289,250 ($ 235,000). Carr’s painting Maelstrom (1937) sold 2.3 million Canadian dollars ($ 1.9 million). (TAN)

Comes closer and goes

Architect Richard Meyer retires – The 86-year-old Meier & Partners founder retires, leaving the reins to George Miller, Anya Meyer and Duho Yong. Founder who gave up day-to-day activities after encountering sexual harassment allegations in 2018 he designed the Barcelona Museum of Contemporary Art and the High Art Museum in Atlanta. (Architectural record)

Limited edition T-shirt “Peace for Palestine” For sale – Palestinian American artist Michael Hambuz raised $ 1,500 for charity Fund for Palestinian Children as well as Jewish Voices for Peace with the sale of a T-shirt, co-designed by artists such as Maya Hayuk, Philippe Niemeyer and Morgan Blair. (Instagram)


The cost of tourism to Venice – Cruise ship entered the lagoon of Venice despite the ban, which prompted further protests from 50,000 residents of the city. “It’s time to focus more on quality tourism,” said the head of the tourism department. It is not yet clear whether art-loving visitors to the Venice Biennale are categorized as “qualified tourists”. (Financial Times)

Guggenheim Foundation Bilbao for Koons Puppy – The Basque Museum launched a crowdfunding initiative for #BringPuppyToLife in hopes of raising € 100,000 for the restoration of a 1997 Jeff Koons floral sculpture. Puppy… The funds will be used to strengthen the steel frame of the magnificent puppy. (TAN)

Heidi Klum is now an artist – While on vacation on the Italian island of Capri, the model revealed her new passion: painting. She worked on a small oil portrait of her husband Tom Kaulitz, guitarist for Tokio Hotel. He’s got some light Elizabeth Peyton vibes, right? (Monopoly)

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