In a recent discussion during the 2015 World Economic Forum in Davos, noted economist and NYU Professor Nouriel Roubini has called for more rigid regulation of the art market.  Roubini is known for predicting the explosion of the US subprime housing market, and noted the art world’s frequent anonymity among buyers as one contributor to the ongoing use of the market to launder money.  “While art looks as if it is all about beauty, as a business it is full of shady stuff,” he said. “We should correct it or it will be undermined over time.” (more…)

Despite the city’s economic woes, The New York Times reports that Detroit’s art scene is thriving, with a number of galleries returning to locations within city limits, and a number of arts hubs have already developed, alongside a popular art open with over 60 participating galleries.  “I think we’ll have a little cloud for a while, but I don’t think it’s going to be long-lasting,” said George N’Namdi, founder of the N’Namdi Center for Contemporary Art. (more…)