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THE HEADLINES
PAIN IN THE ASSET. Italy’s public debt is mounting. How to tackle it? Auctioning off a 16th-century castle that once belonged to Charles V, Holy Roman Emperor, one of 33 historic Italian sites up for sale. The palatial complex near Naples is managed by the defense ministry and will be sold in November. The move, however, has enraged Italy’s FAI, the equivalent of the National Trust (if you’re British) or the Royal Oak Foundation (if you’re American). “We should protect our cultural assets, they are vital,” Dante Specchia, from the FAI, told The Telegraph. “Depriving the public of a jewel like the Charles V castle should not be debatable.” Called Capua Castle, it was built between 1522 and 1543 and was considered strategically significant for Charles V, who lorded over an empire stretching across Italy, Spain, Austria, and Germany. However, the castle is now a shadow of its former glory. It was turned into a prison in the 19th century and more recently used for making and storing explosives. Italy’s defense ministry manages several other grand properties including palaces and villas in Florence, Padua, and Taranto, as well as barracks, warehouses, and lighthouses. They are all going under the hammer, and boast a combined market value of around $250 million.
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#GENZTHRILLS. London will soon have a new private museum dedicated to modern and contemporary art and it’s specifically aimed at 18- to 35-year-olds looking for Instagram opportunities. Moco Museum London is located at Marble Arch in central London and boasts 25,000 sq. ft of floor space, three floors, and works by Jeff Koons, Jean-Michel Basquiat, Andy Warhol, and Keith Haring. Moco’s cofounders, Dutch former gallerists Kim Logchies-Prins and Lionel Logchies, want to “share their knowledge.” They’ve already opened Moco branches in Amsterdam and Barcelona, which have seen a combined five million people walk through the doors over the last few years. They’re hoping the London museum will welcome at least 300,000 visitors in its first year after it officially opens September 10.
THE DIGEST
Plans to rescue the Devizes Assize Court Building and turn it into the Wiltshire Museum will be submitted to the National Lottery Heritage Fund in 2025. If successful, the space will open in 2030 and include two large event spaces, galleries, and a café. [BBC]
Another story about a decrepit building in England potentially morphing into something for the art world, this time a 1,000-year-old church in Norwich might be turned into an auction house for art, antiques, and collectibles. [Norwich Evening News]
Should artists be worried about AI replacing them, or is it just an exciting new tool? An artist tries to answer this question in the Guardian. It’s a new take on an old(ish) question. [Guardian]
A ninth Banksy animal mural has been seen in London, this time showing gorilla facilitating the escape of animals at the entrance to the London Zoo. The eighth artwork in the series, a rhino in southeast London, was confirmed on Banksy’s Instagram on Monday before being defaced by a hooded man. [Sky News].
THE KICKER
TURNING HEADS. A collection of bank notes minted by the Bank of England and emblazoned with King Charles’ head to celebrate his accession to the throne have raised more than $1 million at four separate auctions. The notes went into circulation only this past June, but they are among the first notes released and subsequently have serial numbers that are like catnip to collectors. The proceeds from the auctions, organized by Spink & Son, are going to 10 different charities, with each in line to receive around $100,000. Some £50 notes sold for £26,000 and broke the record for the highest lot sold in a Bank of England auction, while a single £10 note sold for £17,000, with the serial number HBO1 00002. Collectors of such things look for serial numbers as close to five zeros as they can find, with 0001 regarded as the jewel in the crown. [Sky News]