“2010 will be a year of continued reshaping: auctions will remain smaller and private sales will be preferred by many collectors,” says The Art Newspaper. Read more here.
Posts Tagged ‘economy’
Is the Art Market Restructuring?
Tuesday, February 2nd, 2010Already Struggling, Artists Hit Hard by Recession, Survey Finds
Monday, November 30th, 2009PND News, November 30, 2009
A new survey of American artists — two-thirds of whom say they earned less than $40,000 and a third less than $20,000 last year — found that slightly more than half experienced a drop in income in 2009, the New York Times reports.
Commissioned by nonprofit artist-support organization Leveraging Investments in Creativity and funded in part by the Ford Foundation and the National Endowment for the Arts, the survey found that 51 percent of the more than fifty-three hundred respondents saw their incomes fall in the past year, while 18 percent reported a drop of at least 50 percent.
The report, The Artists and the Economic Recession Survey: Selected Findings (8 pages, PDF), found that the most commonly reported impact of the recession was a decline in sales, followed by lower rates or fees. In addition, more than a third of the surveyed artists reported fewer and smaller grants, fewer grant opportunities, and fewer scheduled bookings and chances to exhibit, perform, or present their work.
The survey also provided statistical support for long-held beliefs about artists, such as they tend to work day jobs to support themselves, musicians and architects tend to do better financially than writers and painters, and more than a third of working artists lack adequate health insurance.
According to Judilee Reed, executive director of Leveraging Investments in Creativity, “A lot of the artists who were reporting were telling us, ‘I live in a recession all the time, so this downturn has really not been so different for me.’”
Kennedy, Randy. “A Survey Shows Pain of Recession for Artists.” New York Times 11/24/09.
Art Museum Directors See Pay Cuts
Tuesday, October 6th, 2009Artinfo.com, October 6, 2009
More than one-third of art museum directors at over 60 institutions have seen their compensation cut, according to a new survey by the Art Newspaper. Many of the pay cuts have been substantial, and senior staff have also had their compensation reduced. The pay cuts range from salary reductions and forfeiture of bonuses to unpaid leave, and they include curators and administrators who have had their salaries frozen, their hours reduced, or their employer contributions to insurance and retirement plans trimmed.
Still, the directors of large institutions enjoy some of the highest paychecks in the culture sector, with total compensation ranging from the low six figures to more than $1 million per year. Those high-earners include Museum of Modern Art Director Glenn Lowry, the highest paid chief executive of a U.S. art museum. He had his salary reduced by 15% last year, but his total compensation still topped $1 million and will remain above $1 million this year even after another 10% cut. Getty Museum Director Michael Brand had his base salary of $545,828 reduced to $513,079, although with benefits his compensation remains nearly $900,000. Michael Govan, director of the Los Angeles County Museum of Art since 2006, has been earning just under $1 million a year but will forgo a bonus this year.






