Don't worry, make money

James here, and I'm going to tell you the secret to investing in art. [View in browser]( [Bloomberg]( Hi, I’m [James Tarmy](, and I cover [art and culture]( and [real estate]( for Pursuits. Last year’s art market was—and I’m being nice here—very boring. Everything seemed [stuck in neutral](, with art fairs such as Art Basel Miami Beach doing … fine, and auctions weeks like the [November evenings sales]( in New York also doing … fine. The surprise was that—given how enervating it all felt—sales didn’t sink even further. Visiting this year’s Hong Kong edition of Art Basel. Photographer: Ivan Abreu/Getty Images AsiaPac The fact that the global art market fell by only [an estimated 4%]( last year could be a testament to the staying power of art in volatile economic times. Or it could be a result of the wildly effective “art world ecosystem,” which is a nice way of saying that buying contemporary art isn’t just a form of shopping. It’s a lifestyle. Collectors who had spent their days going to openings and parties and dinners and [exotic locations]( in 2022 probably wouldn’t stop in 2023 just because the market slowed. But I have an additional explanation for the art market’s milquetoast 2023, one that might help predict what’s coming. And it has nothing to do with auction results or dealers’ self-reported sales at art fairs. It’s much simpler than all that, at least, on the surface. What if the future of the market isn’t about quality, provenance, comparable sales, art fairs or any of that? What if it actually comes down to interest rates? This isn’t a particularly novel idea. Observers ([including me]() have repeatedly pointed out that the art market relies on cheap money and debt to fuel growth. But there’s also a possibility that interest rates could have a subtler impact, too. Could this year be a turning point for the sluggish art market? Illustration: Nolan Pelletier for Bloomberg Businessweek As a well-known dealer quite [cleverly put it]( in an article we published this week, the art market is a “vibe economy.” When interest rates are low, money flows freely. When money flows freely, there’s more competition for whatever art is on offer. That competition breeds enthusiasm and urgency, which has a halo effect on the rest of the market, boosting prices. Art, in other words, can be an investment—but only when people stop worrying about whether it’s a good one. Add these to your cultural radar There’s always something to do, read or see; the issue is carving out the time to make it happen. We’ve sifted through this season’s most interesting books, movies and shows, along with a few events, to help make your decisions easier. [The Best TV and Movies in Theaters and on Streaming This Spring]( Zendaya in a love triangle ... Ryan Gosling as a stuntman … Anne Hathaway as a sexy mom ... The stars are out in full force this season. [This Spring’s Best New Books Start With a Journey]( Whether grimly global or inspirationally intimate, these fiction and nonfiction books hold stories that will move you this season. [A24’s American Civil War Doesn’t Take Sides. And It’s Terrifying]( Director Alex Garland doesn’t need to play with politics to strike at our deepest anxieties. [Malta Tries Wooing Global Rich With More Than Just Golden Passports]( A new art biennale and an ambitious cultural center are part of a concerted effort to remold the island nation’s reputation. [Apple’s New TV Show Pits Palm Beach Society Against the Arrivistes]( Kristen Wiig breaks through the upper crust in Palm Royale. Exhibits everyone should see this season And yes, I know you probably won’t get to them all. But you should try! [Indian Skies: The Howard Hodgkin Collection of Indian Court Painting]( at the Met, New York: This one landed quietly, but it’s a staggering show. Hodgkin, the famed modernist who died in 2017, assembled this luscious collection of 16th to 19th century paintings over the course of his life; visitors get to see more than 120 of them. Now through June 9 [Yoko Ono: Music of the Mind]( at the Tate Modern, London: Recognized at this point as one of the most important conceptual artists of the 20th century, Ono still has the power to surprise, provoke and delight. Now through Sept. 1 [Le Monde Comme Il Va]( at the Bourse de Commerce Pinault Collection, Paris: Billionaire ​​François Pinault is renowned for one of the largest, most important collections of contemporary art in the world. (He also exhibits his art at the Palazzo Grassi and Punta della Dogana in Venice.) Think of this collection show, which fills [the Bourse’s massive galleries](, as the cream of the crop. Now through Sept. 2 One of nine wax figures that make up Urs Fischer’s 2011-20 work Untitled, at the Bourse de Commerce-Pinault Collection. Photographer: Jeanne Frank/Bloomberg [Camille Claudel]( at the Getty Center, Los Angeles: Don’t beat yourself up if you haven’t heard of Claudel, who’s well known in France and anonymous everywhere else. The longtime romantic partner of Auguste Rodin, Claudel created her own works. The Getty is exhibiting about 60 of them, and their power and originality both echo her more famous counterpart and set her entirely apart. Now through July 21 If you thought taste was subjective... You were wrong. To wit, please enjoy Bloomberg’s star food editor [Kate Krader’s]( coverage of the world’s ~best~ food. [The Best Restaurant in Asia Serves French Cuisine in Tokyo]( [These Are the Best Sandwiches Around London, as Picked by Top Chefs]( [The Best Restaurant in the Middle East and North Africa Is Orfali Bros. in Dubai]( [These Are the 16 Best New Restaurants in London to Book in 2024]( [The Best Gastropub in the UK Is the Unruly Pig in Suffolk]( [World’s Best Restaurant Noma Will Stay Open Until Spring, 2025 and Return to Kyoto]( So you had some questions… We call for queries [weekly on our Instagram accountÂ](and [via e-mail](mailto:askpursuits@bloomberg.net?subject=I%20have%20a%20question). Here’s what you were dying to know about this time around. Is the Malta Biennale actually worth a visit? If you can? It kind of depends on where you’re visiting from. [My trip to Malta]( to report on its burgeoning contemporary art scene took 13 hours (New York to Milan, Milan to Malta), which was fine, if not the template most people could, would or should follow. But if you’re in Europe and have access to one of the many budget airlines that fly to the tiny island nation (just three hours from Paris), definitely swing by. This is where I went on a very, very tough assignment. Source: Getty Images The biennale’s art has been placed in a variety of gorgeous historical sites, making it part biennale, part nearly impossible easter egg hunt. (I dare you to find the grain silos in the citadel on the island of Gozo.) Even if you don’t like the art, it’s hard to dislike the island, which is sunny, warm and—if you avoid the patches of new construction—almost absurdly picturesque. A work by artist Tania Bruguera is draped on the outside of an abandoned armory. Photographer: Julian Vassallo Are you going to Venice? Am I ever. (This question refers to the forthcoming [Venice Biennale]( that drenches most of the city in contemporary art from late April through late November.) Behind every door is a contemporary art installation. Photographer: Nathan Laine/Bloomberg I know I just told you to swing by Malta if you can, but Venice is the priority. There’s going to be so much art. Art in palazzos. Art in parks. Art where it’s supposed to be: museums. Art where it’s not supposed to be (everywhere else). Some of it will be great, some won’t. A lot of it will feel fresh and new and different, and I guarantee that a sizable fraction of what’s on view will set the pace for the global art world—and art market—in the years to come. What’s the one thing everyone in the art world isn’t talking about, but should? I would say that the one thing that people don’t really like to talk about is the precarious financial state many galleries are in. Cash flow is a serious issue for a lot of businesses. Participating in the art market requires a lot of upfront investment with a very uncertain, drawn-out return. All it takes is a few bad months, and galleries can find themselves on thin ice. Last year’s Paris edition of the Art Basel fair featured works from more than 150 galleries. Photographer: Dimitar Dilkoff/AFP Several great galleries closed last year, [including]( New York’s influential downtown darling JTT; I’ve heard whispers that several might soon follow if the market doesn’t perk up. It’s all speculation: No one really knows how bad things are until suddenly, [they do](. New for subscribers: Free article gifting. Bloomberg.com subscribers can now gift up to five free articles a month to anyone you want. Just look for the "Gift this article" button on stories. (Not a subscriber? Unlock limited access and [sign up here](.) Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Bloomberg Pursuits newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](