Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Art Money, which offers loans for works less than $1mn, has paused its business operations in the midst of a \u201cperfect storm\u201d, says founder and chief executive Paul Becker. In a public post on June 7, he listed these as an \u201cart market contraction\u201d, meaning investors are warier; a general lack of growth capital; and high interest rates \u201ccompressing margins\u201d in the short term.Art Money, which started in 2016, has partnered with more than 2,000 galleries and 40 auction houses but is \u201cnot currently taking new applications for credit or financing new purchases\u201d, according to its website.Becker says that he has raised $10mn equity from more than 135 investors, including a recently announced investment from the venture capital arm of Christie\u2019s, whose contribution is believed to be less than $500,000. In April, the auction house joined with Art Money for a prints and multiples auction, which was up 45 per cent on the equivalent sale last year (Becker acknowledges this might not be to do with Art Money).He says the business needs an additional $5mn to be profitable by the end of 2025. In the meantime, he says, \u201call galleries, artists and art sellers have been paid, or will be shortly.\u201d Ideally, Art Money needs \u201ca coalition of the willing\u201d within the art world to recapitalise it for the next stage. Christie\u2019s says: \u201cWe remain committed to supporting the company and its CEO and founder through this period.\u201dDeteriorating art-market conditions are also to blame for the cancellation of this year\u2019s second edition of Photofairs New York, which had been due to run in the Javits Center on September 6-8. Scott Gray, founder and chief executive of Creo, the company behind Photofairs, says that the \u201cwhole environment\u201d in New York, including the long run-up to the presidential election, means it is currently \u201cnot the right place to build appetite for a serious medium that needs a dynamic local scene\u201d. He is not committing to bringing the fair back next year. \u201cWe\u2019ll see, if things change,\u201d he says. Helen Toomer, who was appointed to run the New York fair, has left the business.Creo is, however, launching Photofairs in Hong Kong, due to run on the Central Harbourfront on March 27-30, coinciding with the Art Basel fair in town. \u201cThat week in Hong Kong is such a moment in the Asia-Pacific, where there is a bigger market now for photography,\u201d Gray says. Photofairs launched in Shanghai in 2014.Tributes are pouring in for influential New York gallerist Barbara Gladstone, who died in Paris on June 16, aged 89, after a brief illness. Artists whom Gladstone had brought to market attention since opening in 1980 include Matthew Barney and Carrie Mae Weems, while in 2020 she broke art-market barriers by hiring competitor Gavin Brown. In an interview for The Art World: What If\u2009.\u2009.\u2009.\u2009?! podcast this year, a thoughtful Gladstone spoke of the value of individual relationships with artists, \u201csomething that exists far less now\u201d. She said too that, were it possible, she would \u201cban the internet\u201d.London gallerist Sadie Coles, says: \u201cI was lucky that Barbara took me under her immense wing and mentored me for 30 years\u2009.\u2009.\u2009.\u2009She will remain my reference point for integrity, fairness and rigour, and as a marker for resisting the mega-gallery model.\u201d She adds that Gladstone \u201cremains a key inspiration to women in the art world\u2009.\u2009.\u2009.\u2009I will continue to think, \u2018What would Barbara do?\u2019\u201dJeffrey Yin, a tech and financial services professional, will become chief executive of the online marketplace Artsy on July 1. Current chief executive Mike Steib steps down to lead the US broadcaster Tegna. Yin, promoted from his role as Artsy\u2019s chief financial officer and general counsel since 2019, takes the helm at a moment he calls \u201ccrucial\u201d for the art market. \u201cThere is economic malaise around the world and art is a luxury, discretionary product. We have to bring all we have to help collectors find what they love,\u201d he says. For Pride month, Artsy has worked with eight curators to highlight works for sale by 70 artists with ties to the LGBTQ+ community.Last week also marked the abrupt departure of Andrew Fabricant, chief operating officer of Gagosian since 2019, together with his wife, Laura Paulson, who headed up the gallery\u2019s advisory business. No one is commenting on the reasons why, although it seems a straightforward clash of personalities with founder Larry Gagosian. The gallery confirms that its advisory arm will continue under Bernie Lagrange, son of the hedge fund manager Pierre Lagrange, who joined in 2020.Find out about our latest stories first \u2014 follow FT Weekend on Instagram and X, and subscribe to our podcast Life & Art wherever you listen<\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Art Money, which offers loans for works less than $1mn, has paused its business operations in the midst of a \u201cperfect storm\u201d, says founder and chief<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65],"tags":[],"class_list":{"0":"post-132153","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-culture"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/132153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=132153"}],"version-history":[{"count":1,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/132153\/revisions"}],"predecessor-version":[{"id":132154,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/132153\/revisions\/132154"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=132153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=132153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=132153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}