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The uneasy marriage of art and money

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The uneasy marriage of art and money

My family moved recently. A change of address occasions much administrative work, one task of which was to calculate the value of the art collection my husband and I have cobbled together. Seems likely I was displacing some emotion — leaving our home of 14 years was not easy — but this exercise made me philosophical. I could enumerate the prices I had paid for various works; I could extrapolate about the current art market by checking recent auction results. But what did that tell me? The insurance company wanted to know about dollar amounts, but I was stuck on the thornier question of value.

Seven years ago, I saw a retrospective of the artist Agnes Martin, at New York’s Guggenheim Museum. I was familiar with Martin’s minimalist paintings, which I admired, and was unprepared to be surprised by the exhibition, let alone deeply moved. I love the experience of communion with films, books, canvases on the wall, but I am rarely overcome by it, and certainly did not expect to cry over an artist known for her cool geometries. But there we were, my companion and I, considering Martin’s final finished painting with tears in our eyes. 

I’ve tried to make sense of my state on this day. I was hungry, or tired, or thirsty, or some combination of these — my diagnosis when dealing with my children’s emotional outbursts. Maybe Frank Lloyd Wright’s building had something to do with it, the pitch of the floor making me feel unsteady, the open rotunda making me feel dizzy. Or my response was purely emotional — I’d have to be made of stone to feel nothing after hearing the sobering facts of Martin’s life. Perhaps all this is true, or a factor, anyway, in my tears. 

It’s also possible that I experienced something too rare in my secular life in our profane culture — call it the sacred. Already a cliché to say museums are modern cathedrals, built to dwarf the body and awe the senses; worth pointing out that quiet contemplation of anything that’s not my iPhone feels profound, and that the progress I made up the ramp of the Guggenheim was rather like the devout Catholic’s observation of the Stations of the Cross.

I think art is one of the last provinces of the sacred for me, maybe for most of us. A work of art’s price can’t tell us anything about it, and there’s no point in talking about art in terms of dollars or euro or yen, but perhaps there’s no other metric available to us.

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The most expensive thing I’ve ever bought is a painting. It’s a small work, a minor effort by one of the world’s most celebrated artists. I bought it at auction, spending far more than I had intended to, caught up in the competitive fervour, my desire for this work somehow apart from what I would pay for it, by the magical thinking that governs most of my shopping. The way my insurance company judges this untitled painting’s worth is by referring to the record of what I spent on it. That’s the market in a nutshell; things are worth what someone is willing to pay.

Part of the art collection of Rumaan Alam . . .  © David A Land
A room with a desk and table on which there is a laptop, pictures and two lamps, with pictures on the wall and piles of books on the floor
. . . at his New York home © David A Land

When I look at this painting, I don’t think about that number. I think about what a genius can do with paint, and I think about this particular genius’s ability to make images that are at once horrific and beautiful, and I think about the hands of this particular genius touching this artefact that I now possess. But I’m not an underwriter. 

This is the most expensive painting in our collection, but I don’t know if it follows that it is also the most valuable. I have a framed watercolour that my older son did when he was three — bless the Montessori teachers who wrote the date on it. It’s a splash of light blue and is, according to the artist, a whale. Children’s art rarely looks like what it’s meant to depict, but in this case, the thing, perhaps only accidentally, truly resembles a breaching whale. Obviously, there’s no way to convert sentimental value into actual currency. 

It’s a great privilege that I’m in a position to spend any money on art, though I possess more sentiment than currency. It’s still possible to buy the work of artists at the start of their career, or editions by more well-known names at small auction houses, or even minor work by true masters.

I think about the money, because I’m working within the constraints of a budget, but only when I’m in the act of transaction. Then I forget that altogether. I cannot, as George Lucas did, spend $15mn on a painting by Robert Colescott. I could, though, spend about one month’s rent on a small, early work by the same artist. Living with it affords me a pleasure to which I cannot affix a price tag, even though my insurer has asked me to.


Sometimes a work of art is described as priceless. In my imagination this implies more zeroes than one can count, but it’s more accurate to say that with art, numbers aren’t salient. We should call a masterpiece unpriceable instead. 

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Still, money is so essential a factor of contemporary existence that we cannot help but bring it in. Money borders — even if it should not enter — some of life’s most serious provinces. Family life, religious faith and romantic love may be all that are left to us that are exempt from the logic of buying and selling. 

The art market is one matter, but even the urge to photograph or otherwise document a museum visit, very common at the moment, is, I think, an economic activity. We reach for our phones from some insipid urge to participate in a culture too attuned to pointless connectivity, yes. But to Instagram a Pollock or a Van Gogh transforms that moment of pleasure into work. We think this ennobling; it’s sadly debased. 

I don’t know whether it’s fair to consider faith a realm wholly uncorrupted by money — it’s certainly possible to enumerate the assets of, say, the Catholic Church (some of which are what we would call priceless). Nevertheless, art can provide an encounter with the mysterious, a territory that borders the mystical. Perhaps that is why I so often find it a balm. 

Only a few months ago, on a day I found personally difficult, I fled to the Museum of Modern Art in need of distraction or solace. I saw an exhibition by the video and performance artist Joan Jonas. I spent a surprisingly long time watching black-and-white footage of a performance she’d staged decades ago, in the then-wasteland of lower Manhattan. In those minutes, I truly forgot the worries that had sent me to the museum in the first place.


Last summer, I pulled some strings and was invited behind the scenes at Christie’s Rockefeller Center outpost. I was writing a book in which one character, a billionaire, buys a painting by Helen Frankenthaler. (No deeper meaning in choosing this artist than the personal, as she’s one of my favourite abstract expressionists.) I wanted to see the rooms to which serious collectors are sometimes invited to kick the tyres of the masterpieces they might buy. 

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A Christie’s staffer led me down a long hall, threw open massive doors to intimate, soundless rooms, simply but strongly lit, containing nothing at all. I thought they felt like chapels. I loved imagining the Warhols and Picassos that had once stood there, ready for inspection. 

My guide seemed surprised to discover that the last room we entered was not empty at all. In my recall, it, too, was bright and silent, but there, on the wall, was a painting. It sounds like something out of fiction but it’s true; it was by Frankenthaler. There are many words applicable: happenstance, coincidence, luck, kismet.

I find that when I’m immersed in the writing of a novel there will be uncanny resonances in my real life. I’ll be served a meal like one I imagined, or meet someone with the same name as a character I invented. There’s no deeper meaning in it, just a funny thing that has happened to me often enough that I understand it as part of the novel-writing process. Maybe this is part of the experience of seeing art, too. There’s some frisson that can’t be put into words, a sense of recognition or kinship. 

I don’t know what happened to the Frankenthaler I saw that day. (Christie’s sold a Frankenthaler this spring for more than $4mn, but that’s a detail of interest mostly, I think, to insurance companies.) I like to imagine the person who bought it: that they went into the very room I did, that they smiled with some private pleasure at the thought of being alone with this painting. I like to imagine that they knew and cared about Frankenthaler, that they were tempted to touch the painting, that they had questions about its provenance, that they got close enough to the canvas to smell the paint itself.

I like to imagine that moment brought them joy, a joy they feel every time they glimpse the painting, wherever they’ve chosen to hang it. I cannot bear to think that it went into storage, or hangs in a guest bedroom in a rarely visited vacation home. I prefer to imagine it is with someone who would agree with me that art’s value is not calculable, albeit someone with enough money to say something like this and still be taken seriously. I’d like to tell that painting’s owner how I stole two minutes alone with their painting, and I like to imagine they’d know that is worth everything.

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Rumaan Alam’s new novel ‘Entitlement’ is published by Bloomsbury

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Brass bands in Beijing make way for sticker shock at home as Trump returns to escalating inflation

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Brass bands in Beijing make way for sticker shock at home as Trump returns to escalating inflation

WASHINGTON (AP) — President Donald Trump returned from the spectacle of a Chinese state visit to a less than welcoming U.S. economy — with the military band and garden tour in Beijing giving way to pressure over how to fix America’s escalating inflation rate.

Consumer inflation in the United States increased to 3.8% annually in April, higher than what he inherited as the Iran war and the Republican president’s own tariffs have pushed up prices. Inflation is now outpacing wage gains and effectively making workers poorer. The Cleveland Federal Reserve estimates that annual inflation could reach 4.2% in May as the war has kept oil and gasoline prices high.

Trump’s time with Chinese leader Xi Jinping appears unlikely to help the U.S. economy much, despite Trump’s claims of coming trade deals. The trip occurred as many people are voting in primaries leading into the November general election while having to absorb the rising costs of gasoline, groceries, utility bills, jewelry, women’s clothing, airplane tickets and delivery services. Democrats see the moment as a political opportunity.

“He’s returning to a dumpster fire,” said Lindsay Owens, executive director of Groundwork Collaborative, a liberal think tank focused on economic issues. “The president will not have the faith and confidence of the American people — the economy is their top issue and the president is saying, ‘You’re on your own.’”

The president’s trip to Beijing and his recent comments that indicated a tone-deafness to voters’ concerns about rising prices have suggested his focus is not on the American public and have undermined Republicans who had intended to campaign on last year’s tax cuts as helping families.

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Trump described the trip as a victory, saying on social media that Xi “congratulated me on so many tremendous successes,” as the U.S. president has praised their relationship.

Trump told reporters that Boeing would be selling 200 aircraft — and maybe even 750 “if they do a good job” — to the Chinese. He said American farmers would be “very happy” because China would be “buying billions of dollars of soybeans.”

“We had an amazing time,” Trump said as he flew home on Air Force One, and told Fox News’ Bret Baier in an interview that gasoline prices were just some “short-term pain” and would “drop like a rock” once the war ends.

Inflationary pain is not a factor in how Trump handles Iran

Trump departed from the White House for China by saying the negotiations over the Iran war depended on stopping Tehran from developing nuclear weapons. “I don’t think about Americans’ financial situation. I don’t think about anybody. I think about one thing: We cannot let Iran have a nuclear weapon,” Trump said.

That remark prompted blowback because it suggested to some that Trump cared more about challenging Iran than fighting inflation at home. Trump defended his words, telling Fox News: “That’s a perfect statement. I’d make it again.”

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The White House has since stressed that Trump is focused on inflation.

Asked later about the president’s words, Vice President JD Vance said there had been a “misrepresentation” of the remarks. White House spokesman Kush Desai said the “administration remains laser-focused on delivering growth and affordability on the homefront” while indicating actions would be taken on grocery prices.

But as Trump appeared alongside Xi, new reports back home showed inflation rising for businesses and interest rates climbing on U.S. government debt.

His comments that Boeing would sell 200 jets to China caused the company’s stock price to fall because investors had expected a larger number. There was little concrete information offered about any trade agreements reached during the summit, including Chinese purchases of U.S. exports such as liquefied natural gas and beef.

“Foreign policy wins can matter politically, but only if voters feel stability and affordability in their daily lives,” said Brittany Martinez, a former Republican congressional aide who is the executive director of Principles First, a center-right advocacy group focused on democracy issues.

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“Midterms are almost always a referendum on cost of living and public frustration, and Republicans are not immune from the same inflation and affordability pressures that hurt Democrats in recent cycles,” she added.

Democrats see Trump as vulnerable

Democratic lawmakers are seizing on Trump’s comments before his trip as proof of his indifference to lowering costs. There is potential staying power of his remarks as Americans head into Memorial Day weekend facing rising prices for the hamburgers and hot dogs to be grilled.

“What Americans do not see is any sympathy, any support, or any plan from Trump and congressional Republicans to lower costs – in fact, they see the opposite,” Senate Democratic leader Chuck Schumer of New York said Thursday.

Vance faulted the Biden administration for the inflation problem even though the inflation rate is now higher than it was when Trump returned to the White House in January 2025 with a specific mandate to fix it.

“The inflation number last month was not great,” Vance said Wednesday, but he then stressed, “We’re not seeing anything like what we saw under the Biden administration.”

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Inflation peaked at 9.1% in June 2022 under Biden, a Democrat. By the time Trump took the oath of office, it was a far more modest 3%.

Trump’s inflation challenge could get harder

The data tells a different story as higher inflation is spreading into the cost of servicing the national debt.

Over the past week, the interest rate charged on 10-year U.S. government debt jumped from 4.36% to 4.6%, an increase that implies higher costs for auto loans and mortgages.

“My fear is that the layers of supply shocks that are affecting the U.S. economy will only further feed into inflationary pressures,” said Gregory Daco, chief economist at EY-Parthenon.

Daco noted that last year’s tariff increases were now translating into higher clothing prices. With the Supreme Court ruling against Trump’s ability to impose tariffs by declaring an economic emergency, his administration is preparing a new set of import taxes for this summer.

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Daco stressed that there have been a series of supply shocks. First, tariffs cut into the supply of imports. In addition, Trump’s immigration crackdown cut into the supply of foreign-born workers. Now, the effective closure of the Strait of Hormuz has cut off the vital waterway used to ship 20% of global oil supplies.

“We’re seeing an erosion of growth,” Daco said.

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Top Drug Regulator Is Fired From the F.D.A.

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Top Drug Regulator Is Fired From the F.D.A.

Dr. Tracy Beth Hoeg, the Food and Drug Administration’s top drug regulator, said she was fired from the agency Friday after she declined to resign.

She said she did not know who had ordered her firing or why, nor whether Health Secretary Robert F. Kennedy Jr. knew of her fate. The Department of Health and Human Services did not immediately respond to a request for comment.

The departure reflected the upheaval at the F.D.A., days after the resignation of Dr. Marty Makary, the agency commissioner. Dr. Makary had become a lightning rod for critics of the agency’s decisions to reject applications for rare disease drugs and to delay a report meant to supply damaging evidence about the abortion drug mifepristone. He also spent months before his departure pushing back on the White House’s requests for him to approve more flavored vapes, the reason he ultimately cited for leaving.

Dr. Hoeg’s hiring had startled public health leaders who were familiar with her track record as a vaccine skeptic, and she played a leading role in some of the agency’s most divisive efforts during her tenure. She worked on a report that purportedly linked the deaths of children and young adults to Covid vaccines, a dossier the agency has not released publicly. She was also the co-author of a document describing Mr. Kennedy’s decision to pare the recommendations for 17 childhood vaccines down to 11.

But in an interview on Friday, Dr. Hoeg said she “stuck with the science.”

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“I am incredibly proud of the work we were doing,” Dr. Hoeg said, adding, “I’m glad that we didn’t give in to any pressures to approve drugs when it wasn’t appropriate.”

As the director of the agency’s Center for Drug Evaluation and Research, she was a political appointee in a role that had been previously occupied by career officials. An epidemiologist who was trained in the United States and Denmark, she worked on efforts to analyze drug safety and on a panel to discuss the use of serotonin reuptake inhibitors, the most widely prescribed class of antidepressants, during pregnancy. She also worked on efforts to reduce animal testing and was the agency’s liaison to an influential vaccine committee.

She made sure that her teams approved drugs only when the risk-benefit balance was favorable, she said.

The firing worsens the leadership vacuum at the F.D.A. and other agencies, with temporary leaders filling the role of commissioner, food chief and the head of the biologics center, which oversees vaccines and gene therapies. The roles of surgeon general and director of the Centers for Disease Control and Prevention are also unfilled.

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Supreme Court is death knell for Virginia’s Democratic-friendly congressional maps

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Supreme Court is death knell for Virginia’s Democratic-friendly congressional maps

The U.S. Supreme Court

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Andrew Harnik/Getty Images

The U.S. Supreme Court refused Friday to allow Virginia to use a new congressional map that favored Democrats in all but one of the state’s U.S. House seats. The map was a key part of Democrats’ effort to counter the Republican redistricting wave set off by President Trump.

The new map was drawn by Democrats and approved by Virginia voters in an April referendum. But on May 8, the Supreme Court of Virginia in a 4-to-3 vote declared the referendum, and by extension the new map, null and void because lawmakers failed to follow the proper procedures to get the issue on the ballot, violating the state constitution.

Virginia Democrats and the state’s attorney general then appealed to the U.S. Supreme Court, seeking to put into effect the map approved by the voters, which yields four more likely Democratic congressional seats. In their emergency application, they argued the Virginia Supreme Court was “deeply mistaken” in its decision on “critical issues of federal law with profound practical importance to the Nation.” Further, they asserted the decision “overrode the will of the people” by ordering Virginia to “conduct its election with the congressional districts that the people rejected.”

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Republican legislators countered that it would be improper for the U.S. Supreme Court to wade into a purely state law controversy — especially since the Democrats had not raised any federal claims in the lower court.

Ultimately, the U.S. Supreme Court sided with Republicans without explanation leaving in place the state court ruling that voided the Democratic-friendly maps.

The court’s decision not to intervene was its latest in emergency requests for intervention on redistricting issues. In December, the high court OK’d Texas using a gerrymandered map that could help the GOP win five more seats in the U.S. House. In February, the court allowed California to use a voter-approved, Democratic-friendly map, adopted to offset Texas’s map. Then in March, the U.S. Supreme Court blocked the redrawing of a New York map expected to flip a Republican congressional district Democratic.

And perhaps most importantly, in April, the high court ruled that a Louisiana congressional map was a racial gerrymander and must be redrawn. That decision immediately set off a flurry of redistricting efforts, particularly in the South, where Republican legislators immediately began redrawing congressional maps to eliminate long established majority Black and Hispanic districts.

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