A new British £20 note has been announced this week, and this time, a creative figure from British history will replace economist Adam Smith, the New York Times reports.  “Banknotes are the principal way the Bank of England engages with the British public,”Mark Carney, the governor of the Bank of England. “These sparse pieces of paper from the 17th century have developed over the years to become the small works of art that are in everyone’s wallets.  There are a wealth of individuals within the field of visual arts whose work shaped British thought, innovation, leadership, values and society and who continue to inspire people today.” (more…)

Isa Genzken, Geldbild I (2014)

Referred to as “one of the most important and influential female artists of the past 30 years” by MoMA on the occasion of her retrospective at the museum in 2013, Isa Genzken‘s new work is the subject of Hauser &Wirth’s current solo exhibition in London. Less known in the States compared to her artistic influence and recognition in Europe, Genzken has pursued a notably progressive career in the recent decade, building new bodies of work and showing in various international venues. (more…)

Bloomberg takes a look at the difficulties behind financing large-scale art projects, including the issues often facing galleries when it comes to selling the completed pieces, focusing the study on artist Alice Aycock’s public installation on Park Ave.  “It’s a long-term financial investment,” says Aycock’s gallerist, Thomas Schulte. “One work by Aycock cost $350,000 alone in production costs, and took over a year to make, and in that particular case we needed another year to sell it.” (more…)

The Metropolitan Opera, currently in need of cash, has collateralized two of its Marc Chagall works as part of a line of credit from Bank of America.  The organization has placed The Triumph of Music and The Sources of Music as collateral, both of which hang in its lobby, until it can balance its budget. “Recent changes at the Met – including the implementation of our historic new union agreements, and a program of institution-wide cost controls – are expected to lead to balanced budgets in fiscal year 2015 and fiscal year 2016 while significantly strengthening the long-term financial prospects of the institution,”  says Met spokesman Sam Neuman. (more…)

Upon a further budget review, the Los Angeles County Board of Supervisors has added an additional $54 million to the $84.7 million earmarked for arts organizations in the Californian metropolis.  The money will allow for major renovations to a number of LA Arts organizations and institutions. (more…)

The Financial Times analyzes the current protest fervor over the presence of sponsorship and advertising dollars currently at play in the contemporary art world, noting major disputes at the São Paolo and Gwangju Biennials, as well as the ongoing protests over BP’s sponsorship of the Tate.  “Creativity has become . . .instrumentalized both by capitalism and the nation state,” says São Paulo curator Charles Esche. (more…)

German artist Michael Sailstorfer is preparing a “participatory” installation work for the arts festival at Outer Harbour beach in Folkestone, UK, claiming that £10,000 in gold bars have been hidden across the beach.  The work, titled Folkestone Digs, opens today at 4PM, around low tide. (more…)

The New York Times has published a by-the-numbers review of the recently opened Jeff Koons retrospective at the Whitney, charting the show’s contents in figures and facts, like the heaviest work (Gorilla, which weights 15,000 pounds), the number of gallons of water in his Equilibrium series (117 and 1/2), and the number of shipments to deliver all of the works (75). (more…)

Last July, the Tate Modern opened its doors for a special exhibition that went beyond the set norms and techniques of exhibition planning. Meschac Gaba’s Museum of Contemporary African Art was a special project expanding twenty years of work across two continents, accumulated and exhibited in the rooms of the London museum. Composed of twelve different spaces, the large-scale exhibition was an outcome of Gaba’s investigation of the arts in African countries while questioning the often problematic affair between African art and the decision makers of the art dynamic and markets of the West.

Continuing some of these thematics, Gaba is currently presenting his latest body of work at Tanya Bonakdar Gallery. As the title Exchange Market suggests, the content of the exhibition is distinguishably opinionated  regarding the global economic structures and the imbalance of labor against income for the vast majority of societies around the world. Hailing from Benin, Gaba has lived and worked in The Netherlands, and seizes on the issues surrounding the unfair distribution of wealth and the exploitation of the less privileged from a Non-Western point of view. This duality also ties to other oppositions such as First World versus Third World or Developed versus Underdeveloped, suggesting a breakdown of the separation between the powerful and the weak.

Downstairs at Bonakdar, Ten marketplace stands showcasing a wide range of symbolic objects  (hand tools, cotton balls, cacao beans, outdated or currently popular mobile phones) and banknotes from different countries attached onto umbrellas. Titled Bureau d’Exchange (Exchange Office), the ten-table installation presents devalued or still in use African currencies printed with multiple zeros, as well as certain Western banknotes with many fewer zeros. Reduced to sheets of paper hanging from the salvaged umbrellas, these banknotes make visually potent statements on the problematic connection between labor and income while discussing the disadvantaged political and economical structures around the globe, given no shade under these bare umbrellas.

Also on display on the first floor is a group of coin banks hung on the gallery walls. With their shapes inspired by famous bank logos or culturally potent figures, these banks do not serve for the common purpose of collecting money for charity or personal use; however they stand out as the silent emblems of a collectively desired utopian reality, ideally stemming from individual contributions.

The argument on collectiveness and global unity continues on the second floor where viewers are presented with four foosball tables, each made in Benin. Visually recalling the original Western pastime, the tables differ with their uncommon arrangements regarding the execution of the game. The soccer tables Gaba presents include players dressed in uniforms of different nations and players of markedly different races as opposed to generic and neutral players.

As components of a unitary operation, all connected to each other, players on these soccer tables stand out as the embodiments of current economical and social structures planned according to different goals and strategies. In one, for instance, a smiling, American flag-clad team is pitted against one bearing a uniform of pan-African identity.  The oppositions are striking.  From a more optimistic point of view, these players emphasize the artist’s statement on a utopian collective agenda that is solely accessible through a global awakening and realization.

Meschac Gaba: Exchange Market is on view at Tanya Bonakdar Gallery through June 7th, 2014.

— O.C. Yerebakan

Related Links:
Tanya Bonakdar Gallery [Exhibition Page]
Tate Modern [Exhibition Page]

An article in the New York Times documents painter Martin Wong’s early contributions to the patronization and encouragement of New York Graffiti art, financially backing struggling artists and buying some of their works for his own personal collection.  The story comes as the Museum of the City of New York prepares to open a show on the artist’s early collection of street art pieces.  “He always thought those first pieces, in a fundamental way, were the legs of a major art movement,” artist Lee Quiñones said. (more…)

Concluding his October residency on the streets of New York, street artist Banksy has unveiled his last work, the donation of a painted canvas to the Housing Works thrift store in Gramercy Park.  Titled The Banality of the Banality of Evil, the canvas features a man in a Nazi uniform viewing a classically rendered mountain vista, and is being auctioned off to benefit the Housing Works organization.  So far, bids have already reached over $200,000.  “Most New Yorkers have been watching pretty closely what he’s been doing for the past 30 days,” said Housing Works director of PR Rebecca Edmondson. “There has been controversy. But it’s great to end on such a high note by giving back to the New York community.” (more…)

The Smithsonian Institution has announced a series of summer closures in order to make up for the current national budget sequester.  Beginning yesterday, the Institute closed several rooms at the Hirshhorn, the Smithsonian Castle, and the Museum of African Art as it cut back on security and maintenance during the summer.  The measures are scheduled to conclude on September 30th. (more…)