Banks Have Continued To Collect Art As Museums Retreat

As pandemic-related shutdowns have entered their ninth month, and as public collections around the world dramatically scale back programming—if not the collections themselves—banks and other large corporations have continued to collect, lend, and exhibit art. By comparison, 1 in 3 American museums never reopened after shutting down in March, according to a survey released on Tuesday by the American Alliance of Museums. – Bloomberg

Art Dealers Are Making Buyers Commit Not To Flip The Art. Are Such Contracts Enforceable?

“Contractual terms preventing buyers from reselling works at auction for a fixed period of time — which have become increasingly popular as dealers seek to stamp out speculation that can damage young artists’ prospects — as well as agreements granting galleries the right of first refusal on resales may violate consumer rights, according to Martin Wilson, chief general counsel at [auction house] Phillips. … Fellow lawyers in the UK and US largely agree.” – Artnet

Unknown Da Vinci Sketch Of Jesus Discovered, And Scholar Says It Proves ‘Salvator Mundi’ Is Not By Leonardo

“[This] is the true face of Salvator Mundi,” said Annalisa Di Maria of the UNESCO Center in Florence. “[It] recalls everything in the drawings of Leonardo: it is his language, and speaks loud and clear.” Di Maria argues that this sketch is the study for the real Salvator Mundi by Leonardo; the painting under that title which was sold three years ago for the highest price in history ($450 million), and whose authorship is still debated, looks very different. – Artnet

For The First Time, An NBA Team Engages A Blue-Chip Artist As Creative Director

“In an unprecedented move, multi-hyphenate artist Daniel Arsham will become the creative director of the Cleveland Cavaliers. … His mandate will ultimately include everything from the imagery on the team’s jerseys and home court, to key aspects of its social-media presence, to collaborative initiatives with Cleveland-based artists and other [local] organizations.” – Artnet

Palm Springs Debate Over Hosting Giant Marilyn Munroe Statue

“Palm Springs City Council has agreed to give the “Forever Marilyn” statue a temporary home along Museum Way for three years, but the plan with PS Resorts, which has been working to bring the statue back to Palm Springs for sometime, will contain an option that would allow the city to terminate the agreement before it expires should issues arise.” – Desert Sun