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- The Nationwide Museum of Korea is in sizzling water after posting a photograph of a suspected fraudster alongside its director.
- WhatsApp cofounder Jan Koum has filed a lawsuit in opposition to high-flying inside designer Remi Tessier, with a $7.8 million Picasso concerned.
- Why are youthful collectors shopping for previous work?
THE HEADLINES
‘HITMAN’ BANG BACKLASH. A photograph posted on social media has landed the Nationwide Museum of Korea in sizzling water, Wion Information writes. In line with experiences, the museum uploaded a snap of its director Yoo Hong-jun standing subsequent to Bang Si-hyuk, aka “Hitman” Bang , a South Korean music govt, file producer, and songwriter with a web price estimated at $3.2 billion, in line with the Bloomberg Billionaires Index. He’s additionally the founding father of HYBE, a multinational leisure firm. Underneath the photograph, which has now been deleted, the museum posted the caption: “The Nationwide Museum Basis of Korea (NMF) signed a memorandum of understanding with HYBE to unfold Korea’s cultural heritage and Okay-culture.” Nevertheless, the put up was met with criticism; one consumer wrote on X, “The best way he’s below prison investigation and so they put up this…loopy work.” Bang, it seems, is allegedly suspected of violating the Capital Markets Act, and the Seoul Metropolitan Police Company’s Monetary Crime Investigation Unit has banned him from touring overseas. He’s additionally allegedly suspected of inventory fraud referring to HYBE’s itemizing on the Korean Inventory Alternate in 2019.
FRIENDLY ADVICE. Remi Tessier, one of many world’s most unique and high-priced inside designers, whose elite clientele contains billionaires like Larry Ellison and Ken Griffin, is now going through severe allegations from one among his most outstanding patrons: WhatsApp cofounder Jan Koum. The New York Put up experiences that Koum has filed swimsuit in opposition to Tessier for partaking in an alleged “sample of predation ,” claiming the designer inflated costs and misrepresented the standard and origin of luxurious items procured on Koum’s behalf. Tessier had labored with Koum on an extravagant portfolio that features 5 houses, like two $100 million estates in California, in addition to two almost equivalent 330-foot yachts, with a mixed worth of over $700 million. “This has by no means been about private acquire,” Koum’s lawyer, Orin Snyder of Gibson Dunn, stated. “Jan has pledged to donate any restoration to charity in France. That is about defending others.” One instance cited within the submitting includes Koum buying a $7.8 million Picasso portray on Tessier’s recommendation. Koum alleges that Tessier secretly obtained a $600,000 fee from the gallery, with out disclosing it.
THE DIGEST
Belgium’s Flemish museum panorama is being “totally redesigned” to appreciate “the ambitions of scaling up and internationalisation,” introduced Flemish tradition minister Caroline Gennez on Monday. [Belga News]
Sotheby’s has appointed Evelyn Lin as its Asia chairman of recent and up to date artwork. She’s going to assume her new position on November 3. [Sotheby’s]
Raiders have damaged into one among Wales’ most beloved museums and stolen gold jewellery from the bronze age. [The Guardian]
The Musée d’Orsay has places Manet on (mock) trial for obscenity fees. [ARTnews]
THE KICKER
YOUNG BLOOD, OLD PAINT. Why are younger collectors shopping for previous artwork? That is what Artnet Information requested Frieze Masters director Emanuela Tarizzo forward of the artwork honest subsequent week, writing that “she takes the reins of the honest at a second of broader market downturn—however elevated curiosity in Previous Masters works.” In line with a latest Artnet report, world public sale gross sales of Previous Masters rose 24 % within the first half of 2025. So why are youthful consumers snapping up Previous Masters? “This shift corresponds to the generational switch of wealth from the Boomers to the Millennials,”Tarizzo stated. “We’re seeing a shift in style. You discover it in interiors, in magazines—there’s a rising urge for food for what some name ‘maximalist’ or extra idiosyncratic kinds, the place older artworks, vintage furnishings, and up to date items all sit collectively.”
