Tate director Maria Balshaw said the priority remained keeping people safe. PA
Tate director Maria Balshaw said the priority remained keeping people safe. PA
Tate director Maria Balshaw said the priority remained keeping people safe. PA
Tate director Maria Balshaw said the priority remained keeping people safe. PA

Coronavirus: Bursaries up for grabs after Turner Prize cancelled


Simon Rushton
  • English
  • Arabic

The coronavirus pandemic made its mark on the art world on Tuesday, when organisers of the UK’s prestigious Turner Prize said they would not be able to stage this year’s exhibition.

The outbreak has claimed another internationally recognised event, but 10 artists selected by the judges will receive bursaries of £10,000 (Dh45,000), organisers said.

The Turner Prize, one of the most highly sought-after arts awards in the UK, joins a long list of events around the world that have been postponed or cancelled because of the pandemic.

Usually, the prize includes a gallery exhibition of shortlisted artists, who each get £5,000, with the overall winner receiving £25,000.

But Tate Britain, the London gallery behind the prize, said there was no chance they could stage an exhibition amid the pandemic.

“The practicalities of organising a Turner Prize exhibition are impossible in the current circumstances, so we have decided to help support more artists during this exceptionally difficult time,” said Tate Britain director and Turner Prize jury chairman Alex Farquharson.

“Gallery closures and social distancing measures are vitally important, but they are also causing huge disruption to the lives and livelihoods of artists,” he added.

Usually, a shortlist is announced in May and the winner is named in early December.

"It's become increasingly clear this year that it would be impossible to prepare that kind of exhibition from scratch under the current circumstances, so we wanted to find another way to support artists and celebrate their work this year," a Tate spokesman told The National.

Judges normally spend the previous 12 months selecting the shortlist and much of that work had already been done before the UK went into lockdown.

The 10 artists will be announced in late June.

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

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Fixtures
Thursday, Nov 9 - 9.30am, ICC Academy, Dubai
Saturday, Nov 11 – 9.30am, ICC Academy, Dubai
Monday, Nov 13 – 2pm, Dubai International Stadium
Thursday, Nov 16 – 2pm, ICC Academy, Dubai
Saturday, Nov 18 – 9.30am, ICC Academy, Dubai