Saudi Arabia’s Royals sell artworks as financial squeeze tightens

A SUMMARY OF THE MOST EXCITING ART NEWS FROM AROUND THE GLOBE

While we focus on Indian art, we can’t obviously function in a vacuum. It’s a small world and everything is connected, especially on the web. So, let’s train our spotlight across the world map to see what’s going on — from art trends to socio-political issues to everything that affects the great aesthetic global consciousness. Or, let’s just travel the world and have some fun!

Saudi princes forced to sell art, homes, yachts 

Saudi princes have sold more than $600 million worth of real estate, yachts and artwork in the US and Europe since the kingdom\’s de facto ruler, Mohammed Bin Salman (MBS), tightened the purse strings of the ultra-wealthy ruling family, as per a report in the Wall Street Journal. The crown prince has made several reforms that have curtailed perks for thousands of royals, including paid vacations abroad or electricity and water bills at their Saudi palaces. Among the assets sold recently are a $155 million British country estate, two yachts more than 200 feet long, and Mughal jewels gifted as wedding presents by a late king. Many princes have adjusted their lifestyles due to shifts in the global economy and changes inside Saudi Arabia that have \”turned off the taps,\” according to one person. The Middle East Monitor tells you more. 

Lalithakala Akademi to set up art hub, shelter for artists  

The government intends to set up an art hub at the Lalithakala Akademi in Kerala to facilitate the sale of artworks of struggling painters and sculptors, said state Culture Minister Saji Cherian on Monday. The project will be funded by the Department of Culture, Cherian said after inaugurating a three-week visual art exhibition marking the 60th year celebrations of the Akademi. The show will be under way till May 12.  The administration is also setting up a shelter-house for the benefit of aging artists who need support. The Hindu reports. 

Basel’s June Art Fair announces 18 galleries in 2022 edition 

June Art Fair has announced the 18 exhibitors that will participate in its upcoming edition in Basel, Switzerland, which will run June 13 to June 19 in an underground bunker designed by Herzog & de Meuron. In addition to the physical iteration, the fair will also launch an NFT exhibition on Juneart.io, curated by artist Jared Madere. Founded by dealers Christian Andersen, who runs an eponymous gallery in Copenhagen, and Esperanza Rosales, founder of VI, VII in Oslo, in 2019, this iteration marks the fair’s fourth edition. Andersen and Rosales said in an interview that they want the fair to act as stepping stone between Basel’s two June art fairs: Liste, which hosts more emerging galleries, and Art Basel, considered the world’s top fair. ART News has all the details. 

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