Art
Rising Art Investing Start-Up Masterworks Beset by Internal Rifts
Last month, a crowd gathered at Christie’s Rockefeller Center headquarters to bid on the collection of late tech billionaire Paul G. Allen, a masterpiece-packed event that would end up bringing in a record $1.5 billion. Among the art world’s heavy hitters was a relatively new entrant: a five-year-old art-finance start-up called Masterworks, two executives from which were vying for an abstract painting by Gerhard Richter.
Over the past few years, Masterworks, founded in 2017 by serial tech entrepreneur Scott Lynn, has been amassing artworks to feed its unique business model. In short, selling fractional shares of securitized artworks by blue-chip artists to everyman investors, effectively treating artworks like a publicly traded company.
In 2021, Masterworks raised $110 million in Series A funding, led by Left Lane Capital and including funding from Tru Arrow Partners, cofounded by MoMA board member Glenn Fuhrman. The backing valued the company at more than $1 billion. By this past February, the company had bought more than 100 paintings to the tune of $450 million (according to internal documents, that figure rose to $475 million by May).
Behind the scenes, however, things have been rocky, according to interviews with more than 20 current and former employees, almost all of whom asked for anonymity due to fear of legal retaliation. Throughout 2022, and at times before, the company has weathered conflicting business strategies, rifts between management and key teams and non-existent human resources practices, sources said.
Underpinning those conflicts were employee incentive structures and selling tactics that some former staffers viewed as ethically questionable and that experts say may have put them and the company at risk of violating Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) rules and regulations.
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Ukrainian sells art in Essex while stuck in a warzone BBC.com
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The Courtauld Gallery at Somerset House has reopened its doors to the public after a fire swept through the historic building in central London. While the gallery has resumed operations, the rest of the iconic site remains closed “until further notice.”
On Saturday, approximately 125 firefighters were called to the scene to battle the blaze, which sent smoke billowing across the city. Fortunately, the fire occurred in a part of the building not housing valuable artworks, and no injuries were reported. Authorities are still investigating the cause of the fire.
Despite the disruption, art lovers queued outside the gallery before it reopened at 10:00 BST on Sunday. One visitor expressed his relief, saying, “I was sad to see the fire, but I’m relieved the art is safe.”
The Clark family, visiting London from Washington state, USA, had a unique perspective on the incident. While sightseeing on the London Eye, they watched as firefighters tackled the flames. Paul Clark, accompanied by his wife Jiorgia and their four children, shared their concern for the safety of the artwork inside Somerset House. “It was sad to see,” Mr. Clark told the BBC. As a fan of Vincent Van Gogh, he was particularly relieved to learn that the painter’s famous Self-Portrait with Bandaged Ear had not been affected by the fire.
Blaze in the West Wing
The fire broke out around midday on Saturday in the west wing of Somerset House, a section of the building primarily used for offices and storage. Jonathan Reekie, director of Somerset House Trust, assured the public that “no valuable artefacts or artworks” were located in that part of the building. By Sunday, fire engines were still stationed outside as investigations into the fire’s origin continued.
About Somerset House
Located on the Strand in central London, Somerset House is a prominent arts venue with a rich history dating back to the Georgian era. Built on the site of a former Tudor palace, the complex is known for its iconic courtyard and is home to the Courtauld Gallery. The gallery houses a prestigious collection from the Samuel Courtauld Trust, showcasing masterpieces from the Middle Ages to the 20th century. Among the notable works are pieces by impressionist legends such as Edouard Manet, Claude Monet, Paul Cézanne, and Vincent Van Gogh.
Somerset House regularly hosts cultural exhibitions and public events, including its popular winter ice skating sessions in the courtyard. However, for now, the venue remains partially closed as authorities ensure the safety of the site following the fire.
Art lovers and the Somerset House community can take solace in knowing that the invaluable collection remains unharmed, and the Courtauld Gallery continues to welcome visitors, offering a reprieve amid the disruption.
Sudbury’s annual art and music festival is marking a significant milestone this year, celebrating its long-standing impact on the local cultural scene. The festival, which has grown from a small community event to a major celebration of creativity, brings together artists, musicians, and visitors from across the region for a weekend of vibrant performances and exhibitions.
The event features a diverse range of activities, from live music performances to art installations, workshops, and interactive exhibits that highlight both emerging and established talent. This year’s milestone celebration will also honor the festival’s history by showcasing some of the artists and performers who have contributed to its success over the years.
Organizers are excited to see how the festival has evolved, becoming a cornerstone of Sudbury’s cultural landscape. “This festival is a celebration of creativity, community, and the incredible talent we have here in Sudbury,” said one of the event’s coordinators. “It’s amazing to see how it has grown and the impact it continues to have on the arts community.”
With this year’s milestone celebration, the festival promises to be bigger and better than ever, with a full lineup of exciting events, workshops, and performances that will inspire and engage attendees of all ages.
The festival’s milestone is not just a reflection of its past success but a celebration of the continued vibrancy of Sudbury’s arts scene.
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