Trump’s tax law could offer art collectors a lucrative new haven + more stories

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Art Industry News is a daily digest of the most important developments from the art world and the art market. Here is what you need to know this Friday, January 4.

NEED TO READ

The radical implications of African restitution – Three people with in-depth expertise in African art – Nigerian-American artist Toyin Ojih Odutola, philosopher Souleymane Bachir Diagne and art historian Cécile Fromont – sat down for dinner at a Harlem restaurant to chat broader implications of the emblem of Sarre-Savoie. report urging France to return works of art looted during colonial times. All three agree with the authors of the report and reject the solution favored by European museums of short or long term loans to Africa. “What matters in this debate is that the asymmetry between the two sides is so grotesque – there is no other word,” says Fromont. “Perhaps in the future African countries will make long-term loans to Quai Branly! (New York Times)

An aristocrat failed to redeem an Egyptian statue before the museum was sold – The story behind the controversial $ 20 million sale of the ancient Egyptian statue of Sekhemka from the collection of an English museum has finally been revealed. Documents released in response to a Freedom of Information request show Lord Northampton, whose ancestor donated the work to the museum, received a $ 7.6 million share of the sale at Christie’s after initially attempting to purchase the sculpture himself. The aristocrat fought a year-long legal battle with local politicians over the statue before teaming up to sell the work to an unknown buyer, believed to be American. (Northampton Chronicle)

Trump’s tax law could offer Art Haven – Want to trade in art without paying taxes? President Trump’s tax reform provides protection for Qualified Opportunity Zones or (OZ), which could be used by collectors to avoid paying capital gains tax when selling works of art. art. There are currently 8,700 OZ in the United States. Designed to stimulate investment in struggling communities, “Opportunity Zones” could replace 1,031 “like-for-like trades,” the tax loophole that Trump closed with the latest tax reform. Mitchell Drossman, head of the National Wealth Planning Strategies Group at the US Trust, said his clients were showing “a very strong interest” in the potential tax benefits of investing earnings in OZs. (The arts journal)

Moral pressure is not enough to recover the art stolen by the Nazis – The man who helped negotiate Washington’s historical principles says the lack of legally binding requirements is an obstacle to the return of stolen works of art during the Nazi era. Russia and a handful of other European countries have largely ignored or barely implemented them, according to Stuart E. Eizenstat, President Trump’s expert adviser on Holocaust-related issues. Provenance research is a low priority in museums and non-existent in his private collections, he writes, while looted art is still sold on the European market. (Washington post)

ARTS MARKET

Luhring Augustine promotes director to partner – Lauren Wittels has become a partner of the New York gallery of which she is currently the principal director. Wittels, who is a board member of the Art Dealers Association of America, began his career with Luhring Augustine in 1989. In a statement, gallery co-founder Roland Augustine called his promotion “well-deserved recognition.” . (Press release)

Contemporary Paris sales show solid results – After exceptional sales in June, contemporary art sales in Paris in December were less exuberant, but still “solid”. The first ten lots sold for a combined $ 22 million, while the average sale was around £ 130,000 ($ 165,000) as business returned to normal volumes. (Observatory of the art market)

The Marinaro gallery will represent Anthony Iacono – The next artist in residence at the Museum of Art and Design in New York, Anthony Iacono, will now be represented by the Marinaro Gallery. The gallery will showcase the work of the New York-based artist, who explores queer culture and fetishism, at a solo gallery booth at Frieze New York in May. (ARTnews)

ARRIVALS AND AISLES

The National Gallery of Art closes due to closure – The Washington, DC museum closed on Wednesday, a day after the government shutdown forced 19 Smithsonian museums, including the Smithsonian American Art Museum and the Hirshhorn Museum and Sculpture Garden, to close. The museums all used the remaining funds to stay open for days after the federal government’s partial shutdown on December 22 due to budget negotiations. (ARTnews)

Andy Warhol’s drawings arrive at the New York Academy of Art – An exhibition dedicated to Warhol’s works on paper arrives at the Academy of Art on January 22. As an unofficial complement to the vast survey “Andy Warhol — From A to B and Back Again”, the institution will present “Andy Warhol: By Hand, Drawings from the 1950s-1980s”, with around 150 illustrations, many of which have never previously shown in the United States. (ARTnews)

FOR THE LOVE OF ART

Oscar Niemeyer’s modernist wonder in Lebanon is in danger – The site of the Tripoli International Exhibition, designed by modernist architect Oscar Niemeyer in the early 1960s, was expected to welcome more than two million visitors per year. But since civil war broke out in Lebanon in the 1970s (until 1990), the spaceship-like structure has been seriously neglected. Today, experts say, the restore point may be outdated and its future in jeopardy. (Guardian)

Sally Mann fascinates at the Getty – Critic Christopher Knight gives “Sally Mann: A Thousand Crossings,” which is on view at the Getty in Los Angeles until February 10, a rave. He reflects on what it means for a first-generation Virginia from a wealthy background to spend her career chronicling the rural town of Lexington. “A near-outsider, she looks back, trying to analyze the history of a region as drenched in blood and tragedy as any place on Earth,” he writes, “along with her. envisions an unknowable future, sometimes with her growing children as markers of the passage of time. (Los Angeles Times)

Guggenheim dims the lights for his 60th birthday – Combine mindfulness with Frank Lloyd Wright’s New York masterpiece on January 8, when the Guggenheim Museum dims the spotlight and asks visitors to be quiet in its famous rotunda and ramp galleries. The hour-long “silent night” between 7 pm and 8 pm aims to rediscover something of Founding Director Hilla Rebay’s vision for a “temple of the spirit”. To see how the museum has evolved over the past 60 years, watch its fast forward video below. (Instagram)

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