Do you ever wonder why the "mainstream media" always portrays art as being ridiculous? It's only newsworthy if it's like Maurizio Cattelan's "Comedian" aka the banana on the wall—which contrary to what they said, was a good work by a great artist.

What made my skin boil recently was a “hit” play on Broadway titled "Art," which in its revamped cast 10 years later, is the most anti-creative work of art—ironically produced by theater world’s own creatives. It was at best, a C+ work of playwriting for a junior college drama student with a condescending look at modern and contemporary art that is equally sophomoric. Now, as a person who grew up with a mother who was famous 60 years ago for making "white" paintings (or as some call it, Minimalism) maybe I'm a bit sensitive? Or more thoughtful? Being in the front center row and not standing to applaud like the entire rest of the audience made actors like James Corden look strangely at us.

Why does this matter? At a time when we, the art world, looks to expand our audience, we are in fact being held back by a media hostile to art they don't understand. Part of the challenge for us to overcome. 

—Josh Baer

The proposed annual tax rate on all assets owned by French households worth more than €100 million, a prospect LVMH owner and mega-collector Bernard Arnault called a product of "a clearly stated desire to destroy the French economy."

Although the so-called Zucman tax—named after Gabriel Zucman, the economist who proposed it—could be part of a 2026 federal budget aimed at addressing France’s soaring national debt and deficit, the government’s instability has thrown all its future policy decisions into turmoil. Sebastian Lecornu, the country’s third prime minister since December 2024, resigned after only 26 days in office earlier this month; bizarrely, French president Emmanuel Macron then re-appointed him later the same week.

A new wealth tax could be a major blow to the French art trade’s post-Covid momentum. Art Basel Paris has siphoned more and more international market share from Frieze London every year since the former’s 2021 debut (at least based on this reporter’s conversations). A slew of major galleries has either opened or expanded their ongoing presence in the City of Light, while Sotheby’s, under the ownership of French-Israeli telecoms mogul Patrick Drahi, debuted a lux new salesroom on Paris's Avenue Matignon last fall. Even French legislators boosted the trade by lowering the country’s VAT on sales of imported art to 5.5%, the lowest rate of any EU member nation.

Arnault’s warning about taxing France’s uppermost crust is self-interested but not meritless. Following Labour-led levy hikes, thousands of wealthy foreign nationals (aka “non-doms”) have given up their residency in Great Britain to put down roots in tax-friendlier nations. If the Zucman tax were to trigger a similar financial flight, it might improve France’s deficit by sacrificing some of its art and luxury business.

—Tim Schneider / The Gray Market

Sandy from NYC ASKed: What are some reasons I should work with an advisor if I've already started collecting art?

Josh Baer for No Reserve: As an advisor myself, the snarky answer would be "if you wanted a better collection you would."

But more seriously, here are three reasons why:

You only have the buying power of one person, whereas galleries and advisors provide a multiplier effect of multiple clients—hence better ACCESS to works and galleries.

Not to mention you probably have a full-time job that you are an expert in—the advisory is the full-time professional expert in this scenario—hence more SOPHISTICATED in the ways of the art world.

You may know the artists you collect in a deep way, but do you know the adjacent relevant artists or the history behind what they do—hence more KNOWLEDGE.

An advisor is only as good as the relationship with their client, where their goal (should be) to help colletors buy what they love, at the right price, with an independent vantage point. Sure you can do it yourself, but what are you fearing from having one?

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