{"id":309763,"date":"2025-08-01T17:05:13","date_gmt":"2025-08-01T17:05:13","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/309763\/"},"modified":"2025-08-01T17:05:13","modified_gmt":"2025-08-01T17:05:13","slug":"blum-staffers-speak-on-closure-spiegler-slams-art-financialization","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/309763\/","title":{"rendered":"Blum Staffers Speak On Closure, Spiegler Slams Art &#8216;Financialization&#8217;"},"content":{"rendered":"<p class=\"paragraph larva \/\/ a-font-body-m     \">\n\tTo receive\u00a0<a href=\"https:\/\/www.artnews.com\/t\/morning-links\/\" target=\"_blank\" rel=\"noopener\">Morning Links<\/a>\u00a0in your inbox every weekday,\u00a0sign\u00a0up\u00a0for our\u00a0<a href=\"https:\/\/cloud.email.artnews.com\/artnews-signup\/\" target=\"_blank\" rel=\"noopener\">Breakfast with ARTnews<\/a>\u00a0newsletter.<\/p>\n<p class=\"paragraph larva \/\/ a-font-body-m     \">\n\tGood Morning!<\/p>\n<ul class=\"wp-block-list\">\n<li>Tim <a href=\"https:\/\/www.artnews.com\/t\/blum\/\" id=\"auto-tag_blum\" data-tag=\"blum\" target=\"_blank\" rel=\"noopener\">Blum<\/a>\u2018s former employees question galllery\u2019s Art Basel results and accuse him of having \u201can inflated ego\u201d and making \u201cpoor business decisions.\u201d\u00a0<\/li>\n<li>Congress is debating whether to extend and fortify a law to help Holocaust victims and their heirs reclaim artworks stolen by the Nazis.\u00a0<\/li>\n<li>Ex-Art Basel boss Marc Spiegler rails against\u00a0the art-market\u2019s \u201cfinancialization\u201d and calls for a return to its \u201cemotional roots.\u201d<\/li>\n<\/ul>\n<p>\t\tThe Headlines\t<\/p>\n<p class=\"paragraph larva \/\/ a-font-body-m     \">\n\t<strong>BLUM\u2019S BLINDSIDE.\u00a0<\/strong>When\u00a0<strong>Tim Blum<\/strong>\u00a0told\u00a0<a href=\"https:\/\/nam02.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fclick.email.artnews.com%2F%3Fqs%3D7fc24478674d9edec13b10242878f00399273e1511765188a2913e17d898ea02cb4ab70184097fe633d46f8ddead029f&amp;data=05%7C02%7Chjacobs%40artnews.com%7C73c1692d0701491a85c608ddd0fe7b3d%7Ce950f25546e44144a778a6ff4f557492%7C0%7C0%7C638896513620876665%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=8AVeHh4hxYDprnsaH6c6okmPao%2FzNTAtYM8KE9sfr8w%3D&amp;reserved=0\" rel=\"nofollow noopener\" target=\"_blank\">ARTnews<\/a>\u00a0in early July that he was \u201csunsetting\u201d his gallery, the art world was stunned. Why would such a successful operator shut down\u2014especially after what he claimed was a strong outing at\u00a0<strong>Art Basel<\/strong>? \u201cSystematic problems and the risk of burnout,\u201d Blum said at the time. But according to\u00a0<a href=\"https:\/\/nam02.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fclick.email.artnews.com%2F%3Fqs%3D7fc24478674d9ede53d0bc0fb6ab3cf31e5a13fc63c0cbe214159b7ae083dfc109a410fb06f4c765a50b93b10255154b&amp;data=05%7C02%7Chjacobs%40artnews.com%7C73c1692d0701491a85c608ddd0fe7b3d%7Ce950f25546e44144a778a6ff4f557492%7C0%7C0%7C638896513620892911%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=u%2FNvOMRCikPpOaaopA5lq26mzFqd%2FSlA7tzPrO1oRXw%3D&amp;reserved=0\" rel=\"nofollow noopener\" target=\"_blank\">Artnet,<\/a>\u00a0some of his anonymous\u2014and now disgruntled\u2014former employees and artists say they were kept in the dark about his decision to \u201cstep off the merry-go-round\u201d until the last minute. \u201cThe current situation comes from ego, poor decision-making, and overextension,\u201d said one person \u201cwith knowledge of the gallery\u2019s operations.\u201d Another added, \u201cWhat\u2019s the least comprehensible is the lack of notice. Either you give people no severance but some time to figure out their situation, or you get rid of them overnight but with a generous payoff. It\u2019s hard to understand the way this was handled.\u201d<\/p>\n<p>\t\tRelated Articles<\/p>\n<p>\t\t\t\t\t\t<img decoding=\"async\" class=\"c-lazy-image__img lrv-u-background-color-grey-lightest lrv-u-width-100p lrv-u-display-block lrv-u-height-auto\" src=\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/08\/GettyImages-2224926117.jpg\" data-lazy-src=\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/08\/GettyImages-2224926117.jpg\" alt=\"CENTER POINT, TEXAS - JULY 13: A Texas flag hangs from a storm-damaged tree on the banks of the Guadalupe River on July 13, 2025 in Center Point, Texas. More than 160 people are still missing after storm cells halted over the area, dumping nearly 15 inches of rain and causing a 22-foot rise along the Guadalupe River. (Photo by Brandon Bell\/Getty Images)\" data-lazy- data-lazy- height=\"\" width=\"\"\/><\/p>\n<p class=\"paragraph larva \/\/ a-font-body-m     \">\n\tBlum\u2019s choice of the term \u201csunsetting\u201d appears to have struck a nerve. As\u00a0Artnet\u00a0points out, the word \u201ctypically means a deliberate process unfolding over an extended period, but this shuttering is taking place rapidly; the Blum gallery\u2019s current shows will be its last; they end Saturday.\u201d (By comparison, when New York\u2019s\u00a0<strong>Metro Pictures<\/strong>\u00a0announced its closure in 2021, it spent nine months winding down.) One former staffer claimed the closure \u201cwasn\u2019t about the market\u2014it was about one person making a series of very poor business decisions,\u201d pointing to Blum\u2019s buyout of longtime partner\u00a0<strong>Jeff Poe\u00a0<\/strong>and his acquisition and renovation of a New York gallery space in a shaky economic climate. Two sources told\u00a0Artnet\u00a0that sales at both Art Basel and Art Basel Hong Kong had been weak, a claim Blum denies. Adding insult to injury, some staffers reportedly found out about the closure when\u00a0ARTnews\u00a0broke the story on July 1. Another former employee criticized Blum for failing to acknowledge his staff\u2019s \u201cimmense efforts and dedication to making his vision come to life\u201d in public statements<\/p>\n<p class=\"paragraph larva \/\/ a-font-body-m     \">\n\t<strong>MUSEUMS PUSH BACK AGAINST LOOT LAW.\u00a0<\/strong>Congress is debating whether to extend and strengthen a 2016 law designed to help Holocaust victims and their heirs reclaim artworks stolen by the Nazis, the\u00a0<a href=\"https:\/\/nam02.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fclick.email.artnews.com%2F%3Fqs%3D7fc24478674d9ede250f964b4736dfa229b7bf09acf33205b2c3431219e2da5da5c0f227a8a8f5349c35f805ab8d946e&amp;data=05%7C02%7Chjacobs%40artnews.com%7C73c1692d0701491a85c608ddd0fe7b3d%7Ce950f25546e44144a778a6ff4f557492%7C0%7C0%7C638896513620910466%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=4CEgfcViJJFVrbmUyjnTUECSmP8%2BBSUq%2BC5EOKtERiI%3D&amp;reserved=0\" rel=\"nofollow noopener\" target=\"_blank\">New York Times<\/a>\u00a0reports. The law, set to expire next year unless renewed, gives claimants six years to file lawsuits from the time they discover the location of the looted art and can prove ownership. It aims to ease statute-of-limitations issues in cases involving art stolen or sold under duress more than 80 years ago. The legislation has led to several successful restitutions, including works by\u00a0<strong>Egon Schiele<\/strong>. However, some courts have ruled that the passage of time has unfairly hindered museums\u2019 ability to defend against such claims. A new bipartisan Senate bill seeks to extend the law indefinitely and prohibit time-based defenses. Sponsored by\u00a0<strong>Senators John Cornyn<\/strong>\u00a0(R-TX) and\u00a0<strong>Richard Blumenthal<\/strong>\u00a0(D-CT), the bill affirms that Nazi-looted art claims should not be dismissed simply because of the decades that have passed since World War II. Prominent Jewish organizations support the change. However, major museums are pushing back. The\u00a0<strong>Association of Art Museum Directors<\/strong>, which spent $8,000 lobbying on the issue, supports a five-year extension in the law\u2019s current form. Spokesman\u00a0<strong>Sascha Freudenheim<\/strong>\u00a0said this would preserve the law\u2019s benefits while allowing continued evaluation of its impact on both claimants and institutions.<\/p>\n<p>\t\tThe Digest\t<\/p>\n<p class=\"paragraph larva \/\/ a-font-body-m     \">\n\t<strong>Robert Wilson<\/strong>, a playwright and artist who cultivated a loyal following in the art world for spare productions that bridged the gap between performance art and theater, died on Thursday in Water Mill, New York, at 83. His death was announced by the Watermill Center, the arts center he founded there, which said he died of a brief but acute illness. [<a href=\"https:\/\/nam02.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fclick.email.artnews.com%2F%3Fqs%3D7fc24478674d9ede9d9912dca0112ec113175f9da9687ebaeab23f5b95bcf3b200e1d75f3bb55e30f52c24b31c1da771&amp;data=05%7C02%7Chjacobs%40artnews.com%7C73c1692d0701491a85c608ddd0fe7b3d%7Ce950f25546e44144a778a6ff4f557492%7C0%7C0%7C638896513620945111%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=8QYwk%2Fzs4uaJ9o9TmGZKkIv0wfXxApoVWCY9%2Fxs4nYc%3D&amp;reserved=0\" rel=\"nofollow noopener\" target=\"_blank\">ARTnews<\/a>]\u00a0<\/p>\n<p class=\"paragraph larva \/\/ a-font-body-m     \">\n\tA former museum manager has been accused of stealing artifacts and selling them at auction for more than $67,000.\u00a0<strong>Stephen Harris<\/strong>, 66, allegedly took ceramics, glass, and coins from the collections of the\u00a0<strong>Norfolk Museums Service<\/strong>\u00a0over the course of nearly 20 years. [<a href=\"https:\/\/nam02.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fclick.email.artnews.com%2F%3Fqs%3D7fc24478674d9eded9b23354d707cc07a74151c71a2c120adef33df306ed5d9163ec6ad1e5f2d94db6791a8cf79b3614&amp;data=05%7C02%7Chjacobs%40artnews.com%7C73c1692d0701491a85c608ddd0fe7b3d%7Ce950f25546e44144a778a6ff4f557492%7C0%7C0%7C638896513620961404%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=Ve1kcbmOTc5ytz6bZrGL%2BfA5icZ%2BbHdqBuFf9AxhIyw%3D&amp;reserved=0\" rel=\"nofollow noopener\" target=\"_blank\">The Telegraph<\/a>]<\/p>\n<p class=\"paragraph larva \/\/ a-font-body-m     \">\n\tIn July, the\u00a0<strong>Smithsonian\u2019s National Museum of American History<\/strong>\u00a0removed references to\u00a0<strong>President Trump\u2019s<\/strong>\u00a0two impeachments from an exhibition. A person familiar with the exhibit plans, who was not authorized to discuss them publicly, said the change came about as part of a content review that the Smithsonian agreed to undertake after pressure from the\u00a0<strong>White House<\/strong>\u00a0to remove an art museum director. [<a href=\"https:\/\/nam02.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fclick.email.artnews.com%2F%3Fqs%3D7fc24478674d9ede8e16477f93efd28b7cfde83dfd57a41be128a9331161fb442b612cdf5d0da1e7b6ce1f7dd0e27b47&amp;data=05%7C02%7Chjacobs%40artnews.com%7C73c1692d0701491a85c608ddd0fe7b3d%7Ce950f25546e44144a778a6ff4f557492%7C0%7C0%7C638896513620977458%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=KQE3cG%2F0snD44W5CR4NBs1i3YPA5DIuuIaDRk2jwhtA%3D&amp;reserved=0\" rel=\"nofollow noopener\" target=\"_blank\">Washington Post<\/a>]<\/p>\n<p class=\"paragraph larva \/\/ a-font-body-m     \">\n\t<strong>Sotheby\u2019s<\/strong>\u00a0has bowed to pressure from the Indian government and returned ancient gems linked to the\u00a0<strong>Buddha\u2019s<\/strong>\u00a0remains. The jewel collection known as the\u00a0<strong>Piprahwa gems<\/strong>, was due to be auctioned in Hong Kong in May, but the sale was halted after legal intervention. [<a href=\"https:\/\/nam02.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fclick.email.artnews.com%2F%3Fqs%3D7fc24478674d9ede2c6c0bb1178cddb4d746888d6587953043e7d6dc8526315138bf97765ca8397d5eee47f9936773fb&amp;data=05%7C02%7Chjacobs%40artnews.com%7C73c1692d0701491a85c608ddd0fe7b3d%7Ce950f25546e44144a778a6ff4f557492%7C0%7C0%7C638896513620993622%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=Xx%2B3ix%2BedbOiS8vVfP%2Fk1SzVLZ7DGEcFmDxFJzwafeA%3D&amp;reserved=0\" rel=\"nofollow noopener\" target=\"_blank\">The Art Newspaper<\/a>]<\/p>\n<p>\t\tThe Kicker\t<\/p>\n<p class=\"paragraph larva \/\/ a-font-body-m     \">\n\t<strong>\u2018STOP HYPING ART AS AN INVESTMENT!\u2019<\/strong>\u00a0In a piece for\u00a0<a href=\"https:\/\/nam02.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fclick.email.artnews.com%2F%3Fqs%3D7fc24478674d9edefacb53a987d5201aa3ceea6381f3e0b98f7fea4274923e67f8505cd24992c3554c382441c8b0b23e&amp;data=05%7C02%7Chjacobs%40artnews.com%7C73c1692d0701491a85c608ddd0fe7b3d%7Ce950f25546e44144a778a6ff4f557492%7C0%7C0%7C638896513621010154%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=xrl13Hw72caVwt55RsiNTSBThvzITnZ9eqGaYjHgBLk%3D&amp;reserved=0\" rel=\"nofollow noopener\" target=\"_blank\">Business of Fashion<\/a>, former\u00a0<strong>Art Basel\u00a0<\/strong>head\u00a0<strong>Marc Spiegler\u00a0<\/strong>blames the financialization of the art market over the past 25 years for recent instability\u2014gallery closures, the cancellation of New York\u2019s\u00a0<strong>ADAA fair<\/strong>, and works by artists like\u00a0<strong>Giacometti\u00a0<\/strong>and\u00a0<strong>Warhol\u00a0<\/strong>\u201cgoing sidways\u201d at auction. Spiegler traces the shift back to the late 1990s, when auction houses began selling newly made works, previously considered too fresh for resale. By the 2000s, speculators and investment funds had flooded the market, treating art less as cultural capital and more as financial commodity. Art investment funds, fractional-ownership platforms like\u00a0<strong>Masterworks\u00a0<\/strong>, and art-backed lending all gained traction. Even major banks launched art advisory services. Yet many of these ventures failed to deliver returns, Spiegler writes, leading to disappointed investors and skewed valuation models. The speculative frenzy inflated prices, distorted collecting habits, and caused the resale market for emerging artists to crash almost as quickly as it rose. Financial tools like third-party guarantees and ranking algorithms only heightened the volatility. \u201cSo, how did the financialisation of the art market work out?\u201d Spiegler asks. \u201cPretty poorly. Especially when you consider the knock-on effects.\u201d The result, he argues, is a market that \u201ccomprised [art\u2019s] strengths while highlighting its weaknesses.\u201d His solution? The trade must pivot from selling art as an asset to promoting collecting as a \u201cInstagrammable sapiosexy pleasure\u201d for the wealthy and intellectually inclined\u2014those who care about culture, ideas, artist access, and social signaling. Easier said than done.<\/p>\n","protected":false},"excerpt":{"rendered":"To receive\u00a0Morning Links\u00a0in your inbox every weekday,\u00a0sign\u00a0up\u00a0for our\u00a0Breakfast with ARTnews\u00a0newsletter. Good Morning! Tim Blum\u2018s former employees question galllery\u2019s&hellip;\n","protected":false},"author":2,"featured_media":309764,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3939],"tags":[4021,4020,113319,113320,4022,77,101670,16,15],"class_list":{"0":"post-309763","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-arts-and-design","8":"tag-arts","9":"tag-arts-and-design","10":"tag-blum","11":"tag-blum-poe","12":"tag-design","13":"tag-entertainment","14":"tag-morning-links","15":"tag-uk","16":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114954602086240191","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/309763","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=309763"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/309763\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/309764"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=309763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=309763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=309763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}