The Whitney Museum in New York has been criticised for planning to exhibit works that were purchased through charity initiatives. Getty
The Whitney Museum in New York has been criticised for planning to exhibit works that were purchased through charity initiatives. Getty
The Whitney Museum in New York has been criticised for planning to exhibit works that were purchased through charity initiatives. Getty
The Whitney Museum in New York has been criticised for planning to exhibit works that were purchased through charity initiatives. Getty

The Whitney Museum cancels exhibition after artists speak out about compensation


Alexandra Chaves
  • English
  • Arabic

The Whitney Museum of American Art is mired in yet another controversy, this time involving compensation for artists whose works were obtained at discount prices or for free and were lined up for an exhibition in September.

Curated by Farris Wahbeh, the museum's research head, the show, titled Collective Actions: Artist Interventions in a Time of Change, has been cancelled after artists took to social media to highlight what they called the museum's "predatory" acquisition process.

It turns out that several works included in Collective Actions were bought from the See in Black initiative, a fundraising campaign created by a collective of black photographers in June.

The initiative was developed after the deaths of George Floyd, Breonna Taylor, David McAtee and Tony McDade, all of whom died at the hands of law enforcement in the US. Photographers sold their prints online to raise funds for civil rights and restorative justice groups.

What they did not know was that the Whitney Museum purchased these works at discounted prices and were planning to exhibit them. It was only on Tuesday, when Wahbeh emailed the artists informing them that their work has been acquired, that they found out.

In the email, Wahbeh said the museum would give the artists an Artist Lifetime Pass, which would allow them and a guest free entry into the Whitney for life.

The exhibition was also going to include prints that artists created in support of the Black Lives Matter movement and shared for free online on platforms such as Protest Pdfs.

Artist Gioncarlo posted a screenshot of the email on Twitter, stating that the museum “preyed on black artists in this moment in such a disgusting way. No scruples. An embarrassment”.

See In Black released a statement on social media, saying the Whitney's use of the prints "constitutes unauthorised use of the works to which the artists do not consent and for which the artists were not compensated".

The museum also planned to display posters included in the Poetry for Persistence fundraiser, where the works were sold for $40 (Dh147) and proceeds directed to a community bail fund in Baltimore.

The exhibition was cancelled after the criticism on social media and Wahbeh sent an apology email to the artists. He explained the works were part of the museum's special collections, which includes objects such as posters, prints, zines and books.

The museum, which is still recovering from recent controversies – including protests against its former board member Warren Kanders, a vice chairman of a weapons manufacturing company, who resigned in 2019 – has not yet announced its next plans for the works.

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How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

Second Test, Day 2:

South Africa 335 & 75/1 (22.0 ov)
England 205
South Africa lead by 205 runs with 9 wickets remaining

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Three ways to limit your social media use

Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.

1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.

2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information. 

3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.

Destroyer

Director: Karyn Kusama

Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan

Rating: 3/5 

UAE release: January 31 

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Tightening the screw on rogue recruiters

The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.

 Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.

A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.

The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.

The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.

Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.

Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment

But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.