The arts' recession

Tough for everyone:

The impact of world recession on museums will be more subtle, but no less profound. The conspicuous consumption that has fuelled the art market is umbilically linked to the conspicuous philanthropy that has fuelled much of the growth in contemporary art museums throughout the US, the Middle East, South East Asia and Europe. These institutions have been significant beneficiaries of the growing and, to many, morally indefensible disparities of wealth throughout the world. It has left them heavily reliant on, and overly attuned and attentive to, a narrow constituency whose long-term appetite or capacity for support is highly questionable. The sector has come to rely disproportionately on the very wealthy, and on the role that museums can play as mechanisms for the translation of wealth into status, and status into power.