“The Whitney will find a way to open the 2012 Biennial in spite of the Museum’s difficult decision to break with the two major corporate sponsors of the Biennial. Regretfully, the Whitney entered into a sponsor agreement with Sotheby’s before the auction house locked out forty-three of its unionized art handlers once their contract expired in July 2011. Last year saw record-breaking sales with profits over $100 million for Sotheby’s; the pay of the CEO alone doubled to $6 million. Yet Sotheby’s has sought to break organized labor by starving their workers into submission—locked out of their jobs and without wages since August, these workers and their families lost their health care benefits at the end of 2011.
The Whitney recognizes that the financial speculation on art taking place in secondary sales of works benefits wealthy investors far more than the artists who created the works, let alone the workers who craft, move, install, maintain, or guard them. The Museum understands the importance of providing working people—including artists who must work second jobs to support their careers—with the livable wages and healthcare for which the Sotheby’s art handlers are fighting. Sotheby’s actions are a direct attack on the Museum’s mission to support and collect the work of living artists. For these reasons, the Whitney cannot allow Sotheby’s to tarnish the image of the Biennial any longer.
The Whitney also announces its break with major sponsor Deutsche Bank, which is facing numerous lawsuits and accusations of fraud from both investors and the U.S. government. Deutsche Bank and its subsidiary Mortgage IT profited from selling and insuring mortgages, and are currently in litigation with the U.S. government over a $1 billion claim for fraudulently obtained federal mortgage insurance; because of their dealings in mortgage-based collateralized debt obligations, they have also been sued by the Federal Housing Finance Agency, and the Teachers Insurance and Annuity Association. The reckless and even fraudulent financial speculation by banks like Deutsche Bank has created enormous social costs in terms of lost jobs, savings, and homes. The Whitney does not want the bank’s sponsorship of the Biennial to distract from these serious matters or to reflect poorly on the Museum, and so must end the sponsorship agreement.”
(Source: brianvan)
