Newslinks for Tuesday August 26, 2008

Tuesday, August 26th, 2008

Evil Is Banal, Dumas self-portrait, Marlene Dumas (1984) via New York Magazine

Faces of Marlene Dumas will come to New York [New York Magazine] –
The 7,500 square feet Devi Art Foundation, India’s first contemporary art museum [New York Times]
A highlight of some new shows in Chelsea for the Fall, starting Sept 4th [NYSun]
Sao Paulo heatedly debates when graffiti is considered urban art [NY Sun]
Francesco Clemente on Charlie Rose last week [Charlie Rose – Youtube]

A disclosure of White Cube’s unsold Damien Hirst inventory before the artist’s controversial September 15th direct sale by Sotheby’s

Monday, August 25th, 2008


Damien Hirst – “The Kingdom” 2008 via The Wall Street Journal

The Art Newspaper has this weekend disclosed the extent of unsold inventory, over 200 works, that are held at Damien Hirst’s gallery in London, White Cube, run by Jay Jopling. The article illuminates a situation for the artist, one of the most successful in the world, but also one of the most prolific, in which his traditional market may be less able to absorb the works at the pace at which he is aiming to produce them. This evolving landscape has presumably led Hirst to explore, through the landmark and controversial upcoming September 15th Sotheby’s London sale, new sales portals and new pools of buyers. The Art Newspaper disclosure however, could perhaps have some ramifications for the Sotheby’s sale itself, as sophisticated buyers may take into account this newly exposed trove of similar work to that being auctioned, and simple supply and demand economics might as a result negatively affect pricing.

Revealed: the art Damien Hirst failed to sell [The Art Newspaper]
200 unsold Damien Hirst works looking for an owner at Sotheby’s [TimesOnlineUK]
Hirst’s Marketing End Run [Wall Street Journal]
Auction, Damien Hirst ‘New Inside My Head Forever’ [Sotheby’s]
Several Lucrative Art Series To End, Says Damien Hirst [ArtObserved]
Update: Damien Hirst goes to Auction at Sotheby’s, September 15-16, 2008 [ArtObserved]
Hirst’s ‘Golden Calf’ could sell for $16-$24 million at Sotheby’s London [ArtObserved]

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Newslinks for Friday August 22nd, 2008

Friday, August 22nd, 2008


James Powderly, via freetibet2008

Street artist James Powderly detained in Bejing for laser projection of political artwork [ArtForum], with more on the incident here [Artinfo]
Undercover FBI agents in the US targeting increasingly shady art theft world [WallStreetJournal]
Cans Festival, a street art milestone, covered previously by AO here, will soon re-open in London [World’sBestEver]
Tribute exhibit for artist Blinky Palermo, “24 Colors – for Blinky” at Dia:Beacon [NYTimes]
A dark parody on the lucrative potential of a murdered Damien Hirst’s preserved body sold to wealthy Russians [ArtNet] and relative commentary in the New York Times [NYT]

Newslinks for Thursday August 21st, 2008

Thursday, August 21st, 2008

Famed street artist Swoon and crew float junkyard utopia downstate to Deitch Studios in LIC [NYTimes]
on the effect’s of global financial turmoil on corporate art sponsorship [Portfolio]
Assume Vivid Astro Focus installs colorful window display at the Modern restaurant at the MoMa [NYSun]
A critique of Sarah Thornton’s book, ‘Seven Days in the Art World’ (with Video) [Art Market Monitor]
Sotheby’s holds a preview for $120.8M of Damien Hirst’s direct auction works in New Delhi, India and the Hamptons [Bloomberg]

Newslinks for Sunday August 17th, 2008

Sunday, August 17th, 2008

Brice Marden via the The New York Observer

Artist Brice Marden is redeveloping a hotel in the Caribean island of Nevis [NYObserver]
S&M self-portraiture coming to the Guggenheim with Catherine Opie retrospective [NYTimes TMagazine]
After 30 years, lawyer on trial for attempting to profit off stolen art, including
a $29.3M Cezanne [Artinfo]
Fake American Apparel ads in Brooklyn reference Jeff Koons and perhaps Damien Hirst [AnimalNY]
Ed Ruscha’s open-air studio in Venice Beach, CA may become a city parking lot [NYTimes]
The 100% self made custom wardrobe of artist Mike Latham, of Art’s Corporation, features his signature barcode [NYSun]

Several Lucrative Art Series To End, Says Damien Hirst

Friday, August 15th, 2008

Superstition, Damien Hirst, 2007 Gagosian Gallery in Beverly Hills via ABC News

In a video interview from July recently posted on Sotheby’s website, Damien Hirst casually revealed that several of his highest earning series would be coming to an end in 2008. These include his spin and butterfly paintings and conceptual medicine cabinets. Hirst also speculated that production of his dot paintings would significantly slow, and that his formaldehyde works of animals are growing numbered as well.

Damien Hirst: An Interview with Tim Marlow [Sotheby’s]
Damien Hirst Says He’ll End High-earning Series [Artinfo]
Hirst Will Stop Making Spin, Butterfly Paintings, Drug Cabinets [Bloomberg]

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Newslinks: Tuesday August 12, 2008

Tuesday, August 12th, 2008

Jessica Joffe at the 15th Annual Watermill Summer Benefit via Park Ave Peerage

Fashion dazzle at Robert Wilson’s annual Watermill benefit [Park Avenue Peerage] more boldfaced names here [NYMag] and swanky goings on here [Papermag] and here [Artnet] and here [Art Forum]
A Private Contemporary Art collection in a eerie WWII Berlin bunker [Bloomberg] also coverd here [NYSun] and by Art Observed previously here [AO]
Damien Hirst’s controversial, straight-to-auction sale at Sotheby’s, previously covered by AO here,  will be followed by more of his works for sale amongst others, again directly, in October [Sotheby’s] [AO] [Bloomberg] more here [NY Sun]
London: Tickets are now available for Frieze Art Fair 2008’s Frieze Projects and Frieze [Frieze Art Fair 2008] Tokyo: Takashi Murakami’s Kaikai Kiki announces GEISAI #11 [Artipedia] 8/6
Indian contemporary art is on the rise [How to Spend It, FT]
An Economist’s qualitative approach to works by great masters [NYT]

Newslinks: Saturday, August 2, 2008

Saturday, August 2nd, 2008

Hirst and McLaren via the Daily News

Damien Hirst buys vintage clothing by Vivienne Westwood and Malcolm McLaren, which turns out to be fake and more here [NY Daily News] [Vogue]
Parisian show of works without owners, once collected for Hitler’s super-museum [Bloomberg]
Beijing’s Dashanzi arts district is booming [NYTimes]
Review of Harvard economist-written “best book on the economics of the contemporary art market” [Portfolio]
Jackie Wullschlager on Communist artist Fernand Léger: Picasso’s “tubist” [Financial Times]

Update: Damien Hirst goes to Auction at Sotheby’s, September 15-16, 2008

Tuesday, July 29th, 2008

Damien Hirst at the White Cube Gallery via Museum Lab

As previously covered by AO here Damien Hirst, is preparing for his Sotheby’s auction this September and has come out with a new formaldehyde suspended tiger shark, a cow with golden horns and hooves, a unicorn, in addition to spot paintings, and butterfly collages, among many other newly created works made specifically for the all-Hirst auction. The sale, entitled Beautiful in My Mind Forever, will be comprised of 223 lots, and is expected to raise somewhere between $100 million and $150 million over the two-day sale that takes place on September 15th and 16th. The Golden Calf alone is expected to sell at a high of $25 million. The sale is extremely notable as Hirst is circumventing his main dealers Larry Gagosian in New York and Jay Jopling of White Cube in London and going directly to auction. Though Jopling and Gagosian have ostensibly given their blessing, the auction reflects a potentially new paradigm in the the way art is sold.

Golden calf, bull’s heart, a new shark: Hirst’s latest works may fetch £65m [Guardian]
Damien Hirst brings £65m of his wares to market [Times Online]
Artist Hirst Jumps the Shark, Cuts Out [NYPost]
Hirst auction expected to raise £65m [Financial Times]
Hirst Still Playing Elaborate Joke On Hedge Fund Community [Dealbreaker]
Damien Hirst auction expected to fetch £65 million and Art sales: Bullish Hirst Rattles the Market [Telegraph]
Damien Hirst is Rewriting the Rules of the Market [The Art Newspaper]
Damien Hirst: Beautiful Inside My Head Forever [Sotheby’s]
Hirst auction expected to fetch 65 million pounds [APF]
Hirst’s ‘Golden Calf’ could sell for $16-$24 million at Sotheby’s London [ArtObserved]

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Newslinks: Thursday, July 10, 2008

Thursday, July 10th, 2008

Sculpture from “Art for the Masses”, Yue Minjun via Supertouchart

KAWS does a Yue Minjun figurine [Supertouchart]
–>
Are commodity-rich buyers propping up the market for trophy art? [CNN]
–>
Damien Hirst’s rumored collaboration with ultra-pricey cell phone brand Vertu
[FashionWeekDaily]
–>
Applications for an MA degree in art business see a strong increase [Financial Times]
–>
Damien Hirst, other bold-faced names keep it swanky at Annabel’s in London for Richard Prince at Serpentine Gallery [The Independent]

Amtrak warned of Acela ‘defect’; Train spokesman denies lawsuit.(PAGE ONE)

The Washington Times (Washington, DC) October 22, 2002 Byline: Tom Ramstack, THE WASHINGTON TIMES Amtrak was warned by the manufacturer of its troubled high-speed Acela Express trains about potential “defects” in the undercarriages but forced early delivery.

Court documents in a lawsuit by Bombardier Corp. against Amtrak say trains were delivered before the design was certified as safe.

Bombardier, based in Montreal, said it gave its warning of a “trainset truck defect” in a letter dated Aug. 29, 2000. A trainset refers to locomotives and the rail cars they pull. Trucks are the wheel assemblies on the undersides of rail cars and locomotives.

Amtrak yesterday denied Bombardier’s accusations.

“At no time did Bombardier ever raise issues relating to the safe operation of the trainsets,” said Amtrak spokesman Bill Schulz. “If it had, neither Amtrak nor [the Federal Railroad Administration] would have permitted the trainsets to be operated.

“Amtrak was not aware of the specific defect,” he said, referring to cracks in the suspension systems.

Two months ago, an Amtrak mechanic discovered cracks in the undercarriage suspension system of an Acela Express locomotive when a bracket dislodged during routine maintenance in Boston. Additional inspections turned up cracks in other Acela Express trains, which travel at speeds up to 150 mph along the Northeast Corridor. Amtrak was forced to interrupt the popular service and lost millions of dollars in ticket revenue.

Amtrak found that the suspension assembly brackets appeared to be too weak to withstand the side-to-side movement of the locomotives. web site amtrak promotion code

Bombardier delivered the first Acela Express trainset on Oct. 18, 2000. Regular service along the Northeast Corridor started in December 2000.

Amtrak owns 18 Acela Express trainsets, 15 of which normally operate 50 daily departures. Three are kept in reserve. Because of the suspension problems, the operation is down to 12 trains making 40 daily departures.

Bombardier in November filed a lawsuit in U.S. District Court for the District of Columbia seeking compensation from Amtrak for cost overruns resulting from repeated design changes and tests ordered by the national passenger railroad.

On Aug. 18, 2000, Amtrak submitted a “claim,” or demand, that the trains in the $800 million contract be delivered. They already were more than a year late.

Bombardier responded by saying it was reluctant to deliver the trains before all of Amtrak’s requested design changes were complete.

“What Amtrak proposes is nothing short of a unilateral rewriting of the contract that would permit Amtrak to force the delivery of equipment which Amtrak itself asserts is defective in major respects,” wrote Germain Lafontaine, director of program management for the Bombardier Transportation-Alstom consortium that built the trains.

Richard Sarles, Amtrak’s vice president for high-speed rail, knew disagreements involving design of the undercarriage were unresolved but submitted the claim anyway, Mr. Lafontaine said in his letter. Mr. Sarles also knew that the unresolved design issues “could require operation of the trainsets at reduced speeds.” In addition, “these defects would allegedly increase the trainset’s trip time and require post-delivery repairs by the contractor or other commercial resolution.” Bombardier spokeswoman Carol Sharpe repeated the company’s position that any problems resulted from Amtrak’s design changes.

“What we said was that there were certain technical issues with which we disagreed,” she said. “They were imposing certain designs on us and we would disagree. We can’t discuss the specifics.” After Bombardier filed suit, Amtrak issued a statement blaming the manufacturer for delays and cost overruns.

“After five years of delays, performance failures and self-inflicted financial losses, it is no shock that Bombardier is now attempting to shift the blame for the consortium’s mismanagement of the high-speed trainset contract to Amtrak,” said an Amtrak statement dated Nov. 8, 2001.

Among Amtrak’s complaints against Bombardier were “speed restrictions, because the trainsets do not meet contract specifications when operated on track that complies fully with all FRA requirements.” Amtrak appeared to be aware of the undercarriage problems before delivery of the trainsets when it told Bombardier in an Aug. 14, 2000, letter that it was suspending payment for failure to meet design specifications. site amtrak promotion code

Payments in the contract were due as the Bombardier-Alstom consortium progressed in intervals toward completing the contract, referred to in letters as “milestones.” “Milestone payment amounts associated with trainset truck performance and the related qualification tests are not yet due because these milestones have never been achieved,” John Bell, Amtrak’s program director for high-speed trainsets, said in the letter.

Amtrak withheld $51 million in payments because of the equipment problems. Bombardier is seeking $200 million in its lawsuit as compensation for the cost overruns incurred from Amtrak’s design changes.

Meanwhile, Bombardier says it has engineered a permanent repair for the suspension systems, a sturdier bracket that reduces side-to-side motion.

The cracked support brackets were rewelded as a temporary fix in August to get the trains back into service.

Amtrak said Bombardier’s new bracket is undergoing field testing and must be approved by the FRA before it can be certified as a permanent repair.

Acela Express, one of Amtrak’s most popular and profitable business ventures, was a linchpin in the railroad’s failed efforts to free itself from federal subsidies. Congress is considering restructuring Amtrak because of its persistent inability to operate profitably.

CAPTION(S):

Amtrak says Bombardier Corp.’s suspension assembly brackets are too weak to withstand the side-to-side movements of Acela Express trains, which travel up to 150 mph. [Photo by AP]

AO Auction Results: Phillip’s London Contemporary Art Auctions, June 30

Wednesday, July 2nd, 2008

Untitled, Willem de Kooning (1984) via Artinfo

Sold for about $5.6 million.
Estimate was $2.4 million – $4 million.

The Contemporary Art sale at Phillips de Pury and Company monday had some disappointing news to report when 34% of the lots went unsold. Even some of the top by Xang Xiagang and Paul McCarthy found themselves unable to sell. Damien Hirst, who sold 3 of his 4 works in the auction, managed to barely meet his estimate on the ones sold.

Contemporary Market Bruised but Resilient After London Sales [Artinfo]
Market news: London’s contemporary art sales [Telegraph]
McCarthy, Zhang Flop in Tepid London Contemporary-Art Auction [Bloomberg]
London Contemporary Week Lurches Into Action at Phillips [Artinfo]

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AO Auction Results: Sotheby’s Masterpieces of Contemporary Art, July 1, London

Wednesday, July 2nd, 2008

Study for Head of George Dyer, Francis Bacon (1967) via NYTimes

Sotheby’s Contemporary Art Sale in London took place yesterday on July 1st and brought in an encouraging total of $188.8 million.  Francis Bacon’s painting of the profile of his lover and companion, George Dyer, was a highlight of the auction. This intimate portrait based on a photograph by John Deakin, was originally predicted to collect $15.5 million, but sold at a much higher $27.4 million to an anonymous collector. Although the sellers of the Bacon painting were kept anonymous, the New York Tims reported that experts speculate that it was sold by Ian and Mercedes Stouker, London Philanthropists.  Other impressive results of the sale achieved records for 11 different artists, and included the high profile sale of a Basquiat painting from seller U2, and an Andy Warhol from seller John McEnroe. The sold-out collection from the German industrialist, Walther Lauffs, which included work from Yves Klein, was another highlight of the show.

Sotheby’s July 2008 Contemporary Art Evening Sale Triumphs [Artdaily]
U2’s Jean-Michel Basquiat work on Sotheby’s block for $17.7M [Art Observed]
Bacon Stars, 10 Records Set at Sotheby’s; U2 Sell Art [Bloomberg]
Anish Kapoor sculpture attracts $3.87 mn at Sotheby’s sale [Economic Times]
Ten Works Set Records at Sotheby’s Contemporary Auctions [NYSun]
Sotheby’s contemporary art sale reaches £94.7 million [International Herald Tribune]
Contemporary Art Evening Auction Results [Sotheby’s]
Bacon Is Again a Top Draw at Auction [NYTimes]

(more…)

Sotheby’s London Contemporary Art Evening Auction, July 1 – Preview

Tuesday, July 1st, 2008

Chant 2, Bridget Riley (1967) via Sotheby’s

Sotheby’s is holding its Contemporary Art Evening Auction on Tuesday, July 1st at its New Bond St. location in London. The sale’s highlights include works from Francis Bacon, Jean-Michel Basquiat, Antony Gormley, Damien Hirst, Anish Kapoor, Jeff Koons, Takashi Murakami, Richard Prince, Gerhard Richter, Bridget Riley, Andy Warhol and a number of other notable contemporary artists. The complete body of works for this sale will be on view at Sotheby’s New Bond St. galleries Monday, June 30 from 9am-7pm and Tuesday, July 1 from 9am-12noon.

Bridget Riley’s piece, Chant 2, a unique color painting which will be in the sale, was part of a show which won the artist the esteemed International Prize for Painting at the 34th Venice Biennale in 1968 .

Estimate: $4,000,000 – $6,000,000 (Pictured above)

London Contemporary Art Evening Auction [Sotheby’s]

(more…)

AO Preview: Phillip’s London Contemporary Art Auctions, June 29-30

Friday, June 27th, 2008

Nine Multicolored Marilyns, Andy Warhol (1979-1986) via Phillips

Phillips de Pury & Company is holding it’s Contemporary Art Sale on June 29 and 30. The sale highlights works from Andy Warhol, Damien Hirst, Willem de Kooning, Jean-Michel Basquiat, Paul McCarthy, and many other distinguished contemporary artists.

Phillips Contemporary Art Sale [Phillips]

(more…)

Hirst’s ‘Golden Calf’ could sell for $16-$24 million at Sotheby’s London

Friday, June 20th, 2008

Damien Hirst, The Golden Calf via artdaily

Sotheby’s in London has recently announced that Damien Hirst will be auctioning off a number of newly created works at the sale: ‘Beautiful Inside My Head Forever’ on September 15 and 16. The highlight of the sale is Hirst’s Golden Calf, which is an 18-carat gold encrusted bull submerged in a tank of formadehyde, is expected to sell for $16 to $24 million. This Sotheby’s sale is comprised exclusively of works made by Damien Hirst during the past two years.

Hirst’s Golden Calf Is Pricey Per Pound [NYTimes]
The Golden Calf by Damien Hirst Headlines Groundbreaking Auction of Work by Artist [artdaily]
Damien Hirst to Auction Own Works at Sotheby’s [artinfo]
Damien Hirst to sell £12 million ‘Golden Calf’ artwork at auction [TIMESOnline UK]
Dropping the Other Calf [TIME]
Hirst to Offer `Golden Calf’ for 12 Million Pounds at Sotheby’s [Bloomberg]

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Newslinks: Thursday June, 19 2008

Thursday, June 19th, 2008


Dakis Joannou’s Jeff Koons-designed yacht ‘Guilty’ via Artforum

Art luminaries gather on collector Dakis Joannou’s Jeff Koons-designed yacht in Greece [artforum]
Study: number of US artists tripled since 70’s to 2 million with $34,800 average income [artinfo]
A profile of contemporary German collector Falckenberg and his 2,000 works [Bloomberg]
Early Hirst painting disgarded to thrift shop by mistake [The Independent]
The NYTimes reviews Lichtenstein at Gagosian uptown NY [NYTimes]
New Museum announces 1st US Elizabeth Peyton survey show [New Museum]
Market uncertainty, Christie’s competition cited in 12% quarterly profit drop for Sotheby’s [the Art Newspaper]

Newslinks: Monday June 16th, 2008

Monday, June 16th, 2008

Anish Kapoor via Time

Time Magazine on Anish Kapoor [Time]
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Tracey Emin’s controversial selections for Royal Academy include zebra bestiality, closeups of masturbation during menstruation, and barbed wire hula-hooping [The Daily Mail]
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Separately, Hirst invited to join Royal Academy, and has yet to reply [[TimesUK]
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Banksy friend/street artist Nick Walker to tag undisclosed British landmarks with laser [Artinfo]
–>
Private art insurance premiums jump 30% year on year [Wall Street Journal]
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Salander furniture/antique sale garners $1.6 million [Bloomberg]
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The Met is closer to a new Director [New York Sun]
–>
The Vatican begins a contemporary art initiative[the Independent]

Remarks at a Democratic National Committee luncheon in Rancho Santa Fe, California: September 26, 1998. (Pres. Bill Clinton)(Transcript)

Weekly Compilation of Presidential Documents October 5, 1998 Thank you very much. Well, if I had any sense I wouldn’t say anything. [Laughter] Thank you, Bill. Thank you, Star. Thank you, Len. And all of you, I can’t tell you how much I appreciate you being here. I’m delighted to see Lynn Schenk, and I’m delighted to see Christine Kehoe. And we are determined to see her prevail. If you want to do something for what you just stood up for, send her to Congress. Send her to Congress.

I’d also like to thank all of you who have been my friends over the years, and some of you whom I have just met today, I am very grateful to see you here. I’d like to thank all the people who are responsible for our wonderful meal and the terrific musicians. Let’s give them a hand. Didn’t they do a great job? Thank you. [Applause] The Wayne Foster Group. Thank you so much. Bless you.

It’s nice to be here in this humble little house. [Laughter] This is the first place I’ve ever been where the fish are worth more than I make in a year. [Laughter] Listen, I want to say, this is really a magnificent home. It’s a real tribute to the work that Bill has done over the years and to the feeling that they have for all of us that they open their home to us. And I’m very grateful to be here.

I will be brief. I’ve had a remarkable couple of days. I was in Chicago yesterday, which most of you know is my wife’s hometown. And I got my Sammy Sosa Chicago Cubs baseball shirt, which was promptly taken away from me last night when I met up with Hillary and Chelsea in northern California.

Hillary has been up in Washington and Oregon and San Francisco campaigning, made an appearance last night for Barbara Boxer up there. And I’m here, and I’ll be in Los Angeles tonight and tomorrow. I’m going on to El Paso and San Antonio, Texas, and then I’m going back to Washington on Sunday night to try to bring to a closure this session of Congress with some productive action. But I cannot tell you how much it means to me not only as your President but as a person, what you have said here and what I have seen all across this country. And I’m grateful, and my family is grateful, and I thank you.

But there is something far bigger than all of us at stake here, and that is our country, our system, and where we’re going. And I tell everybody who comes up to me worrying about this, that the real enemy of our party and our principles and our programs and the direction of the country is not adversity. Adversity is our friend. It inspires us to action. It gives energy. It gives us steel and determination. Our real enemy is complacency, or cynicism. in our site rancho santa fe

You know, things are going pretty well for our country now, and I’m very grateful that I had a chance to be President, to implement the policies that I ran on that I talked about 6 years ago, I think, this month, when I was here with Bill and Star at their previous home. I’m grateful that we’ve got the lowest unemployment rate in 28 years and the lowest crime rate in 25 years and the smallest percentage of people on welfare in 29 years. And in just a few days, less than a week now, we’ll have the first balanced budget and surplus in 29 years. I’m grateful for that.

But the question is, what are we going to do with it? I’m grateful that we’ve opened the doors of college to virtually anybody now who will work for it with tax credits and the deductibility of student loans and more scholarships and work-study positions and that we added 5 million kids to the ranks of those with health insurance, passed the Brady bill and the Family Medical Leave Act. I’m grateful for all that.

But what are we going to do with it? What are we going to do with it? That’s really what’s at issue here. Our friends in the Republican Party believe they’re going to win in the midterms, first of all, because they wanted me – [At this point, birds began chirping in the background.] I don’t mind the birds; it’s just background music. [Laughter] Believe me, I’ve had worse background music lately. [Laughter] The Republicans believe they’re going to do well in these elections, first of all, because in every single election since the Civil War, with the President in his second term, the President’s party has always lost seats at midterm. The second thing they’re banking on is money. Even though you’ve been very generous and you’ve come here, they always have more money than we do, especially now that they’re in the majority. But we have something that money can’t buy and that history can’t overcome: We are on the right side of the issues for America’s future.

The history we want to make tomorrow and the next day and the next 10 or 20 years is the right history for America. And all we have to do is to get enough of our people to understand that, to get enough energy, out there, to get enough people to show up on election day, and all the history in the world won’t make a difference, and all the money in the world they have won’t turn the tide. Because people now know that when it came to the budget vote in 1993, which reduced the deficit by 93 percent before we had the bipartisan Balanced Budget Act, we didn’t have a single Republican vote. They know we barely had any votes for the crime bill when we banned assault weapons and put 100,000 police on the street, or for the Brady bill. They know that we had almost all – and Democratic votes, barely any Republican votes, for the family and medical leave law.

And if you look at the last year, when this country has had lots of challenges, and we had the resources to meet them, what has happened in this Congress in the last year? They’ve killed the tobacco legislation, to which Bill alluded. They’ve killed campaign finance reform. They have taken no action on my education program. The other night, in a breathtaking move, the Republican leader of the United States Senate actually had to shut the Senate down and make people go away for 4 hours because it was the only way to keep them from voting on the Patients’ Bill of Rights. And he knew if we ever got a vote, one of two things was going to happen. It was either going to pass, or they were going to be punished for killing it – for the insurance companies that wanted to kill it. So what did they do? They shut the place down. Unprecedented!

Now, what this is really about, this election, is not what’s going on in Washington, DC; it’s what’s going to go on in the lives of the people in San Diego and El Paso and Racine, Wisconsin, and the Northeast Kingdom in Vermont and all the places in the country where the people live who send people to Washington, DC. That’s what really matters.

And there is a very clear choice about what to do with this moment, and I think – if you just think about the things we need to do right now to prepare for America’s future – I’ll just mention five very quickly. Number one, we’re going to have a balanced budget and a surplus on October 1st for the first time in 29 years. They voted in the House and may vote in the Senate for a tax cut to start spending the surplus right away.

Now, I remind you, we quadrupled the debt of the country between 1981 and 1993, when I took office. These surpluses in the years ahead – they say, “Oh well, we know we’re going to have them, so we can spend some now, and it’s 4 or 5 weeks before the election, and won’t that be popular to just dish out a tax cut right here before the election.” And it’s the Democratic Party that’s standing up for fiscal responsibility and saying, no, and I’m saying no. And I’ll tell you why.

First of all, we have waited for 29 years. We have worked for 6 years to get out of this terrible hole. I would just like to see the red ink turn to black and watch the ink dry for a minute or two before we run another deficit. Wouldn’t you like to see that? Wouldn’t you just like to see the ink dry? [Applause] You know, they didn’t want to wait a day just to enjoy this incredible achievement. Now, why is that important? Because we’ve got a lot of trouble in the world today in the word economy. I was up in Silicon Valley last night where they understand how dynamic things are. They live in a perpetual state of change there. But so do we all, and we dare not forget it. We forget it at our peril.

We have to set a standard if we want to keep growing this economy that America, of all the countries in the world, is the most solid, the most sensible, the strongest country in the world.

The second reason we shouldn’t spend that surplus right now is that, before you know it, the baby boomers will begin to retire, starting in about 10 years. I’m the oldest of the baby boomers. People between the ages of 34 and 52, when we all retire, there will only be about two Americans working for every American drawing Social Security. Unless something totally unforeseen happens to the birth rate or the immigration rate, it will be about two to one.

The Social Security system today alone keeps half of the seniors in this country out of poverty; that is, without it, 50 percent of the seniors in this country would be in poverty, even with their other sources of income. Now, if we begin today and make modest changes, we can preserve the universal character of Social Security in the sense that it’s a bottom line safety net for people that don’t fall into poverty. But we can increase the returns, make some other changes, and avoid putting an unconscionable burden on our children and grandchildren.

I’m telling you, everybody I know my age is worried about this. I was home a few months ago and I had a barbecue about 6 o’clock in the evening with about 20 people I grew up with – most of them are just middle class Americans, don’t make much money. Every one of them said they were plagued with the thought that their retirement would be a burden to their children and their grandchildren. They’re not wealthy people. They know they’re not going to have enough. But they are plagued with the thought that they will have to take money away from their children and grandchildren.

Now, we have worked for 29 years for this. It’s the right thing to do, anyway, right now because of all the instability in the world, for us to stay strong and have this strong economy and have this little surplus. But secondly, it’s the right thing to do before we – I’m not against tax cuts. We have some tax cuts in our budget, but they’re all paid for. But before we get into that surplus for tax cuts, before we spend a penny of it for new programs, we ought to save the Social Security system for the 21st century, so that we do not either run a lot of seniors into poverty, or undermine the welfare of their children and grandchildren. It is terribly important.

That’s a big issue that affects people who live outside Washington, DC. The second big issue – it’s very important – again related to the economy, is I’m doing everything I can to limit the financial turmoil in Asia now, to begin to reverse it, and to keep it from spreading to Latin America which are our biggest markets, our fastest growing markets for American goods and services – everything I possibly can to sort of right this instability in the international financial system that you see most pronounced in Asia and Russia now but could affect our welfare. Alan Greenspan said the other day, more eloquently than I could, America could not forever be an island of prosperity. For us to grow over the long run, our friends and neighbors all across the world, on every continent, who are doing the right thing and working hard need to be doing better as well. That’s what this International Monetary Fund issue is all about.

For 8 months I have been pleading with Congress just to pay our fair share of the International Monetary Fund so we’ll have the money to stop the financial virus before it spreads across the globe and begins to bite us. That’s a big issue, and it hasn’t been done yet.

The third thing I want to say is we will never be permanently secure in this kind of economy until we can say not only that we have the best system of higher education in the world, but that every one of our children, without regard to race or income or neighborhood, has access to a world-class elementary and secondary education.

And for 8 months I have had before the Congress, fully paid for in the balanced budget, a bill that would lower class sizes to an average of 18 in the early grades and put another 100,000 teachers out there to teach them; that would build or repair another 5,000 schools because the schools are overcrowded; that would hook all the classrooms in the country up to the Internet by the year 2000; that would build 3,000 more charter schools – an issue that California has been on the forefront of – that would, in short, keep us on the forefront of education. It would also reward school districts that have poor performance and a lot of kids in trouble if they’ adopted high standards, accountability, no social promotion, but actually helped the kids, and didn’t denominate them as failures when they’re young and they are no such thing.

I was in Chicago the other day. Chicago used to be the poster child of a bad, failing, urban school district. I went to the Jenner Elementary School, where every single child lives in Cabrini-Green, one of the toughest public housing projects in all of America. In the last 3 years, their reading scores have doubled and their math scores have tripled. Chicago has a “no social promotion” policy, but if you fail, they don’t just say you’re a failure. They say you didn’t pass the test, and you have to go to summer school. The Chicago summer school now is the sixth biggest school district in America. [Laughter] Guess what’s happened to juvenile crime in Chicago. There are now 40,000 kids in that city that get 3 square meals a day in the school. So that’s also in our plan, funds for other troubled districts to follow that model.

We also have funds for 35,000 young people to pay for their college education, and then they can go out and work it off by teaching in underserved areas. This is a good program. That’s an issue in this election. It matters to you and to your future and to your children’s future and to your grandchildren’s future whether we can rescue, revive, and make excellent the public educational opportunities of every child in this country.

So those are three things: saving Social Security, stabilizing the global economy, putting education first.

I’ll just mention two others. Number one, one of the biggest fights I have all the time, convincing people on both sides, is that America has to find a way to protect the environment and grow the economy, and that if we have to choose one or the other, we’re in deep trouble. We have spent hundreds of thousands of dollars complying with subpoenas from a congressional committee that doesn’t want me to give tax incentives and spend research and development dollars to figure out how to grow the economy and reduce C[O.sub.2] emissions. And that’s out of step with the rest of the world.

I was in San Bernardino County not very long ago with the head of the National Association of Home Builders at a low-income housing project, where they had solar reflectors on the roof that are so thin now they look like ordinary shingles, and glass that keeps out 40 percent of the heat and cold and dramatically reduces the power cost. And it improves economic growth. It creates jobs and improves the environment – big issue. this web site rancho santa fe

But believe me, the budget I’m about to get, unless they change their tune, is going to be riddled with things designed to deny that and to weaken our environment.

And finally, to me the thing that embodies as much as anything else the great philosophical difference that’s at stake now in Washington is the debate over the Patients’ Bill of Rights. Now, let me set the stage. There are 160 million Americans in managed care plans. I have been a supporter of managed care. Why? Because when I became President, health care costs were going up at 3 times the rate of inflation. It was unsustainable. We were going to bankrupt the country. There wouldn’t be enough money left to spend on anything else.

But it’s like anything else – if the bottom line is just whether you save money rather than the bottom line of saving as much money as you can consistent with the health of the people that are being treated, you get in trouble.

And now many, many managed care plans have health care decisions made by insurance company accountants, and you have to appeal to two levels up or more until you finally get to a doctor. Our bill, which has the support of 43 managed care companies who are doing this anyway and are being punished for it, says this – it says simply, if you get in an accident, you ought to be able to go to the nearest emergency room, not one that’s 5 or 10 miles because that’s the only one that happens to be covered by your plan. Number two, if your doctor says that he or she can no longer treat your condition and you need to see a specialist, you ought to be able to see one. Number three, if you work for a small business who changes providers, health care providers, at a given time during the year, you still shouldn’t have to change your doctor if you’re in the middle of a critical treatment.

Now, let me just graphically demonstrate what that means. This happens. These things happen. You remember when you had your first child. How would you feel if you were 7 months pregnant and your employer says, “I’m sorry, go get another obstetrician”? If anybody in your family has ever had chemotherapy – I’ve been through that – if your family member needs chemotherapy, you sit around thinking; you try to figure out ways to make jokes about it. My mother stood there thinking, “Well, maybe I won’t lose my hair, or when I do, maybe I will finally get a wig.” I never had to – you think – you try to be funny about it. And then you wonder whether you’re going to be too sick to eat, right? In the middle of a chemotherapy treatment, do you think somebody would say, “I’m sorry, go get another doctor”? That’s what this is about – basic things.

Our bill also protects the privacy of your medical records, which I think is very, very important and will become more important in the years ahead.

Now, the House of Representatives, the Republican majority passed a bill that guarantees none of these rights and leaves 100 million Americans out of what little it does cover. The Senate wouldn’t even vote on the bill because they didn’t want to be recorded, so they shut down business.

That’s what this election is about. Don’t be fooled about a smokescreen. This election is: Are we going to have a Patients’ Bill of Rights? Is our policy going to be to grow the economy and preserve the environment? Are we going to put education first? Are we going to stabilize the global economy, so we can continue to grow? Are we going to save Social Security first? That’s what it’s about.

And if we go out and say, we are Democrats, this is what we’re running for; we believe elections should be about the people that live outside Washington, not about who’s crawling on whom in Washington, DC – everything is going to be fine. So I ask you, go out there and make sure that’s what it’s about.

Thank you very much.

NOTE: The President spoke at 3:35 p.m. at a private residence. In his remarks, he referred to luncheon hosts William S. and Star Lerach; Leonard Barrack, national finance chair, Democratic National Committee; Lynn Schenk, candidate for State attorney general; and San Diego City Council member Christine Kehoe, candidate for California’s 49th Congressional District.

Newslinks: Tuesday June 10th, 2008

Tuesday, June 10th, 2008


Olafur Eliassion courtesy of NY Mag

The technics of Olafur Eliasson’s upcoming falls project [NY Mag]
Christie’s, Sothebys assert no collusion in recently dual increase in premiums [ArtInfo]
Toxic leak risk leads to armed guards of Hirst’s lamb at LACMA [LA Times]
Banksy contemporary Nick Walker sells $1.5M of street Art in London [Bloomberg]
Clemente works at the Gallery Met at Lincoln Center [New York Times]
$21M record sale of Latin American art at Sotheby’s [ArtDaily]

Charles Saatchi to advise the art trading fund

Sunday, June 1st, 2008


Charles Saatchi via ArteSpain

Charles Saatchi, the influential British art dealer and advertising magnate, has signed a deal with The Art Trading Fund to advise contemporary art purchases in the Western market, as well as the emerging markets of China, India and the Middle East. Saatchi will garner more corporate patrons for his gallery and will receive a percentage of profits on pieces of art that go through his hands; the fund is hoping he “will bring global expertise to our plans to enter new markets.”

Hegde Funds gets tips on hottest artists [Bloomberg]
Art For Money’s Sake [Portfolio]
Saatchi to Advise Art Fund on Deals [New York Times]
Saatchi Signs Deal with Art Trading Fund [Artinfo]
Charles Saatchi will advise fine art hedge fund [Wall Street Journal]
World’s First Regulated Art Hedge Fund [Financial News]
Charles Saatchi [Wikipedia]
(more…)

Go See: “Blood on Paper: The Art of the Book,” Victoria & Albert Museum, London through June 29

Thursday, May 15th, 2008

 

Anselm Keifer, Secret Life of Plants(2008) via Bloomberg

From April 15 to June 29, the Victoria & Albert Museum in London is presenting a unique exhibition on the subject of books in art or of books as art. “Blood on Paper” is an exploration of how artists have interpreted and utilized the book medium. The works range from the conventional book format to large-scale installations and sculptures, such as Anselm Keifer’s enormous book made of lead (pictured).

“Blood on Paper” [Victoria & Albert Museum]
“Bacon’s Trash, Hirst’s Furniture Become Books: Martin Gayford” [Bloomberg]
“The Writing on the Wall [Financial Times]
“Works That Speak Volumes” [Financial Times]
“Blood on Paper: the Art of the Book” [The Independent] (more…)

In separate events, Qatar’s ruling family buys $72.8M Rothko, $52.7M Bacon, $19M Hirst

Wednesday, May 14th, 2008

Image via Bloomberg

On May 4th, The Art Newspaper revealed the buyers of five of last year’s highest priced artworks at auction. The Al-Thani ruling family of Qatar was one of the previously anonymous buyers of three of these through Sotheby’s in May and June of 2007.

Revealed: $72.8m Rockefeller Rothko has gone to Qatar [The Art Newspaper]
Qatari Ruling Family Revealed as $72.8 Million Rothko Buyers [ArtInfo]
Qatar rulers pay £26m for Bacon [Times Online]
Revealed: Record-Breaking Rothko In Qatar [Art Forum] (more…)

NEWSLINKS 05.09.08

Friday, May 9th, 2008


Vito Schnabel via The Age.com

Vito Schnabel’s art dealing off to a fast start [NY Sun]
The other (non-Hirst) British human skull artist
[Guardian.co.uk]
$100M pier upgrade allows Armory Show to expand exhibitors [NYTimes]
An in-depth profile of Larry Gagosian via those who know him [Economist]
Takashi Murakami on Time’s most influential people list [ArtInfo]

NEWSLINKS 04.29.08

Friday, May 2nd, 2008


Damien Hirst and the skull via the age

Hirst’s $100M diamond skull cancelled at Hermitage[Financial Times]
New Museum: “freeze-dried packet of desiccated minimalism” [Arts Journal]
Rome mayor to tear down museum designed by Richard Meier? [NY Times]
Artistic Director of Art Basel steps down [Bloomberg]
Public art illuminates Fifth Avenue [NY Sun]

Newslinks: 4.27.2008

Sunday, April 27th, 2008

The Art Bunker, Berlin via Wall Street Journal

8 Story Berlin bunker retrofitted for artwork [Wall Street Journal]
Fingerprints validating Jackson Pollock painting fraudulent [NY Post]
Art Cologne had 55K visitors, down from 70K in 2006 [Bloomberg]
NYC Museum staff ‘hidden treasures’ picks [New York Times]
Hirst and Koons sanctioned $30 art tshirts for sale [Gawker]
That whole Yale thing: abortion-art-hoax-controversy here, here, here, and here. [NYTimes, Yale Daily News, LATimes, Wall Street Journal]