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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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121889
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12188900.047
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1990-09-19
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LETTERS, Page 7ART AND MONEY
The growing art market illustrates the need people feel to own
something of quality that is unique and novel (ART, Nov. 27).
James Ashworth
Trawden, England
If museums cannot afford to buy work by established artists,
they must concentrate on relatively unknown talent and educate the
public to appreciate these acquisitions. If a museum spends its
annual buying budget of $2 million to $5 million on present-day
art, that can be a boon to young American artists and contribute
to the public's understanding of new works.
Fred B. Benjamin
Silver Spring, Md.
In 2 1/2 centuries, Sotheby's has earned a much valued
reputation for honesty and integrity. Although Robert Hughes is
entitled to his opinion, his statements are an unfair assault on
the credibility of the auction market and specifically on Sotheby's
ethics, expertise and practices. Mr. Hughes may dislike the current
trends in the art market, but they reflect prevailing international
economic and cultural conditions. New York auction houses are
highly regulated, and all Sotheby's business practices conform to
New York City department of consumer affairs regulations.
It is inaccurate to state that Sotheby's lending and other
investment services generated $240 million in 1988; that figure
represents the gross amount of our loan portfolio as of Sept. 30,
1989, not the 1988 earnings. We wish it did.
As a provider of financial services, Sotheby's does not believe
that buyer financing through an auction house affects a price any
more -- or less -- than financing by any third party. The
implication that the so-called winners in this "game" care little
for the "losers," the museums, is not true. We fully endorse the
reinstatement of the tax-deductible charitable contribution as
necessary for the overall health of the American cultural
community.
Michael L. Ainslie, Chief Executive Officer
Sotheby's Holdings, Inc.
New York City
Museums do not recognize art for art. They go after the name.
I doubt that developing artists will be discovered by the pseudo
connoisseurs of our museums.
Guillermo Etienne
St. Louis Park, Minn.