Art Industry News: The Metropolitan Museum of Art Will Remain Closed Until July and Expects to Lose $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, March
19.

NEED-TO-READ

Notre Dame Reconstruction Halted – French authorities have halted restoration work
on the Notre Dame Cathedral due to the ongoing public health
emergency. A delicate operation to remove scaffolding that had
melted together during the fire last April was originally due to
begin on March 23, but will now be delayed indefinitely because
members of the 100-person team must stay home. President Macron has
declared a national lockdown, restricting people’s movements for at
least 15 days. Upon their return, workers will need improved
facilities to comply with new health measures
in addition to protection against
toxic lead particles. (The Art Newspaper)

Judge Orders Seizure of Isabel dos Santos’s Assets –
A judge in Portugal has ordered the
seizure of Isabel dos Santos’s assets. The Angolan billionaire businesswoman, who is
the eldest daughter of Angola’s former ruler and the partner of
leading African art collector Sindika
Dokolo, strenuously
denies allegations that she and her associates siphoned off $1 billion
from the African state’s coffers. She claims the charges against her are the
result of a political vendetta. Dos Santos and Dokolo have homes in
London, Russia, and Dubai. It is unclear if Dokolo’s art collection
is included among their shared assets. (ICIJ)

The Met Expects to Lose $100 Million – The Metropolitan Museum of Art is projecting that
the current health crisis may result in a shortfall of nearly $100
million. One of the first New York museums to
shutter last week, the institution now expects it may need
to remain closed until July. The Met’s president, Dan Weiss, and director Max Hollein
have warned department heads that drastic cutbacks may be necessary
and that layoffs would be likely if the shutdown continues into the
summer. If the museum can reopen in July, it will offer a reduced
program “and lower cost structure” because it expects lower
attendance for at least the next year as a result of the crisis.
All staffers are now working remotely and will continue to be
paid—but only through April 4—as the museum evaluates its options.
Meanwhile, other museums may not be so lucky. The president of the
American Alliance of Museums anticipates a third of the museums
that are now closed may not reopen if the crisis
continues. (New York Times)

Roman Abramovich Steps Up Ahead of London Lockdown –
The billionaire art collector and
soccer club owner Roman Abramovich has opened the luxury hotel at
his Chelsea soccer ground in London to health service workers. He
will cover the cost of accommodating doctors, nurses, and cleaners
at Stamford Bridge’s hotel, many of whom will struggle to get to
work in hospitals if the city goes into lockdown, which looks
increasingly likely. Abramovich has been forced to spend less time
in London and more in Tel Aviv after the UK government stalled on
renewing his visa. The Russian billionaire joins wealthy art
collectors Bernard Arnault and Miuccia Prada in offering their
companies’ help in France and Italy respectively during the global
health emergency. (Guardian)

ART MARKET

Bonhams Closes Amid Staff Complaints – Bonhams is temporarily closing most of its
locations to the public and holding auctions behind closed doors.
The company has been criticized by staffers in Los Angeles who were
told to come to work despite concerns about a colleague with
flu-like symptoms. Bonhams’s
office in Hong Kong is open. (ARTnews, Press release)

Christie’s Preps London Prints Sale – Even if most
salesrooms are closed, auctions are continuing:
Christie’s prints and
multiples sale in London went ahead on March 18 despite
coronavirus, pulling in a total of £3.75 million ($4.34 million),
down from £3.98 million ($4.6 million) for the equivalent sale last
year. The auction was led by Andy Warhol’s Cowboys &
Indians portfolio, which fetched £467,250 ($540,274). A
1969 Francis Bacon print of a study of a bullfight made £68,750
($79,495), exceeding its high estimate of £60,000. (Christie’s)

COMINGS & GOINGS

Museums in East Asia Continue to Cautiously Reopen –
As the spread of coronavirus slows
down, cultural institutions and galleries in East Asia are
beginning to cautiously reopen their
doors. More than 180
public museums in China reopened on March 15 and Hong Kong’s M+
Pavilion has resumed its exhibition. In Korea, spaces in Seoul are
preparing to reopen; Art Sonje Center plans to resume programming
on March 24. (ArtAsiaPacific)

Ceramic Artist Alan Caiger-Smith Has Died – The ceramic artist and founder of the pottery
workshop Aldermaston Pottery has died at age 90. Caiger-Smith
was also a noted scholar in the field who wrote Tin-glaze
Pottery in Europe and the Islamic World (1973) and Lustre
Pottery (1985). (Guardian) 

FOR ART’S SAKE

Study Shows National Monuments Boost the West’s Economy
– The most common argument
for not designating parkland as a national monument is that it can
harm the economy by keeping the land from being used for more
immediate money-making purposes. But a new scientific study has
shown that such a designation actually boosts local economies in
the American West. Rural communities are seeing business increase
eight to 10 percent as they move away from resource-dependent
industries like coal mining. (Courthouse News)

Pakistan’s Censorship Is on the Rise – Artists in Pakistan say the state has gone
“berserk” with its censorship, cracking down on art exhibitions,
films, and books. A public artwork by Adeela Suleman depicting
illegal killings perpetrated by police, which was part of the
Karachi Biennale, was removed and destroyed shortly after the
exhibition opened. (Al Jazeera)

Desert X Site in Saudi Arabia Becomes Permanent –
The canyon in AlUla where the controversial
site-responsive exhibition Desert X AlUla took place  in
February will now become a permanent arts hub. It will be managed
by the Royal Commission for AlUla. (Press release)

The post Art Industry News: The Metropolitan Museum of Art
Will Remain Closed Until July and Expects to Lose $100 Million +
Other Stories appeared first on artnet News.