Art Collection
Own a Piece of Digital Art History with Sotheby’s GRAILS Collection
Sotheby’s has announced a series of auctions throughout 2023 that will feature one of the most significant collections of digital art ever assembled. The GRAILS collection, formed in 2021 by crypto hedge fund Three Arrows Capital (3AC), boasts some of the best works of Contemporary Digital Art and Generative era.
The GRAILS collection will be offered globally through various live and online auctions, private sales, and additional sales channels to showcase groups of works in different contexts and formats. Seven hand-picked works from the collection will be auctioned off for the first time during Sotheby’s Marquee Sale Week, starting May 19th at Sotheby’s New York. What’s interesting is that Sotheby’s website doesn’t mention NFTs at all, except for the following quote. It is clear that they and others are moving away from using the term NFTs and embracing digital art, digital collectibles, etc.
The British Council is considering selling up to half of the 9000 works in its art collection in order to pay a debt of £197m. This is the remaining total from its £250m pandemic-era government loan. Without additional financial support, it is ‘in real danger of disappearing’ the institution’s CEO Scott McDonald told The Guardian. The council is also considering shutting its operations in 30 to 40 countries.
McDonald states that the British Council is committed to paying back the loan but insists that the government must help find a viable solution. ‘I would just like reasonable loan terms of something like 25 years and a lower interest rate’ he said. The Art Newspaper has estimated that the current commercial interest rate applied to the loan amounts to £14m annually.
Read More: https://artreview.com/british-council-considers-selling-art-collection-to-pay-197m-debt/
Hospital patients and visitors will be able to enjoy the stories behind artwork from across Dorset through a new app.
A new project celebrating 35 years of art at Dorset County Hospital will bring the art straight to art lovers with a collection of stories and sounds that can be listened to via a mobile phone.
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Art Collection
British Council could plug £200million debt crisis by selling art collection featuring masterpieces by Tracey Amin and David Hockney
The British Council may be forced to put its £200million art collection up for sale as a result of ‘financial peril’ which is threatening the institution.
The council is facing £197million in outstanding debt after taking out an emergency £250million loan from the government during the pandemic.
