News Recap: August 12, 2016

A weekly recap of art world news.

Sir Joshua Reynolds Portrait of Frederick, 5th Earl of Carlisle (1769).

Sir Joshua Reynolds Portrait of Frederick, 5th Earl of Carlisle (1769).

UK Residents Pay Their Tax Bill With a Painting
Facing a substantial inheritance tax bill of $6.1 million, the owners of a rare painting by Sir Joshua Reynolds have opted to give the work to the Tate in London in lieu of paying their tax. The work is a full-length portrait of the 5th Earl of Carlisle and was painted in 1769 at the request of the sitter. For the past 200 years, the painting has hung in Castle Howard in North Yorkshire where it will remain on public display after touring the country.
Read the full story (ArtNet News)

VSCO Opens Free Photo Studio in NYC
In an effort to help photographers realize their ideas, the photo-editing app VSCO has moved out of into a physical space and opened a free-to-use Open Studio in New York City’s NoMad district. The studio is furnished with a cyclorama and basic lighting equipment. Recognizing that New York City rent is very high and that many photographers cannot afford a studio to realize their project, a two-hour timeslot is free by submitting a request on their online form describing the project and its importance to the photographer.
Read the full story (VSCO)

Sotheby’s Gains $89 Million in Second Quarter
Sotheby’s has reported $89 million in net income for the second quarter of 2016. This increase despite a decline in net auction sales is attributed to private and online sales in addition to new hires from outside the auction world including the former director of the Andy Warhol Museum, Eric Shiner.
Read the full story (Art News)