Enough Of This Scandal!

By Theresa Rézeau

The art world is full of stories ,some inspiring, others far less flattering. Lately, it feels like every week reveals another scandal: inflated prices, questionable deals, looted artefacts still sitting in major institutions, or galleries and advisors operating in a fog of secrecy. And frankly, enough is enough.

Art is meant to uplift, challenge, and endure. But today, parts of the industry seem more focused on speculation and status than on substance. We see masterpieces treated like poker chips in a high-stakes game, where a handful of insiders artificially inflate values, flip artworks for massive profits  and lock out genuine collectors and emerging artists in the process. Simultaneously, museums continue to house looted works with little urgency around restitution and collectors are often left navigating a market that lacks transparency and ethical consistency.

One of the most revealing flashpoints in recent years was Dana Schutz’s Open Casket, exhibited at the 2017 Whitney Biennial. The painting, a depiction of Emmett Till’s mutilated body, created by a white artist, ignited a firestorm of protest. Critics accused the work of commodifying Black pain for institutional gain, sparking urgent conversations around power, privilege and the ethics of representation. It wasn’t just about one painting, it exposed how institutions and collectors can benefit from trauma while shielding themselves from accountability. It was a symptom of a broader dysfunction, where controversy is often more lucrative than conscience.

Let’s not forget the gatekeeping, either. Despite all the talk of diversity and inclusion, the same names dominate headlines and exhibitions while countless visionary voices, especially those from historically underrepresented backgrounds are left in the shadows. The result? An art world that often feels more exclusive than expansive, more performative than principled.

And yet, even amidst all of this, I still believe in art. I still believe in collecting. Because when done thoughtfully and ethically, art remains one of the most rewarding investments you can make, not just financially, but culturally and personally.

Unlike other asset classes, art offers something rare: it enriches your space, your mind and your legacy. A well-curated collection is more than a portfolio, it’s a story. It’s a mirror of taste, heritage, and vision. And yes, it can appreciate significantly in value over time when sourced wisely. But the real return lies in its emotional and cultural worth, in the meaning it brings to your world.

That’s why I’m advocating not for disengagement, but for a better way forward. A future of art investment rooted in transparency, integrity  and purpose. One where collectors ask the right questions, advisors offer full transparency and artists , especially those still creating  are supported and celebrated, not just exploited posthumously.

It’s time we hold institutions, advisors and ourselves accountable. Let’s stop allowing hype to dictate taste. Let’s move away from fast flips and toward long-term legacy. Let’s make space for new voices, question the status quo and collect with intention.