Conference Presentation, Panel, Fireside Chat
Art 360: Passion, Wealth and the Business of Art
Milken InstituteMichael Govan, Linda Resnick, Larry Gagosian, Maurice Marciano, Gabriel Kreiman, Linda Barron, David Rockefeller Jr.
- Los Angeles County Museum of Art is projected to generate over $500 million in economic impact within a few years, increasing annual direct economic activity in the county from $44 million to $117 million following a recent expansion that doubled its size.
- The museum is expected to expand its workforce of 700 jobs created over the last five years, while Linda Resnick and Stuart plan to eventually donate their art collection to the institution if it agrees to accept it.
- Maurice Marciano intends to pause his private museum project to prioritize MOCA, aiming to ensure the organization's stability for the coming decades.
- Larry Gagosian anticipates that physical galleries will remain essential due to their unique artist relationships, while online sales will likely stay at lower price points and not replace traditional models, despite growing into a more significant market segment for accessibility.
- A future art market bubble driven by oversupply is considered inevitable by Larry Gagosian, though he notes the timing of such an event is difficult to predict.
- Maurice Marciano asserts that high production output by artists like Basquiat, Warhol, or Picasso does not inherently result in lower quality or value.
- Linda Resnick observes that previously undervalued Japanese art has increased in value, noting that while educated collectors may spot trends early, they risk pricing themselves out of the market, and specific historical items like 1774 Japanese screens remain significantly cheaper than modern works or high-profile Caravaggio paintings once valued at $500,000.
- Michael Govan predicts a continued rise in visual art consumption due to a media-driven, image-based society, citing increased community awareness and specific youth interest compared to ten years ago.
- Govan expects arts education to broadly improve school attendance, goals, learning outcomes, and test scores, characterizing the creative job market in Los Angeles as a level playing field for skilled practitioners.
- Govan advocates for further support of arts education in schools to maximize societal value, while Resnick expects to donate her collection in the future without burdening her children or selling art, assuming their financial independence.
- The L.A. County Museum of Art and private collectors anticipate the institution and art collecting generally will provide social, educational, and personal benefits, with Gagosian viewing the pastime as adding an incredible dimension to those with a genuine passion.