New York Art Crowd Decides Art Market Less Ethical Than Stock Market at Intelligence Squared U.S. Debate

NEW YORK--(Business Wire)--
Intelligence Squared U.S., the Oxford style debate series sponsored by The
Rosenkranz Foundation, announced the results of its second debate of the spring
2009 season, "The art market is less ethical than the stock market."

The final vote at the conclusion of the debate, before a packed auditorium, many
from the New York and London art scene, at The Rockefeller University, New York
City was 55% for the motion and 33% against. Twelve percent remained undecided.

The results saw a dramatic swing in the undecided vote, as prior to the debate,
the audience voted 32% for the motion and 30% against. 38% were undecided.

Speaking for the motion were Richard L. Feigen, founder of Richard L. Feigen &
Co. art dealers, Michael Hue-Williams, owner and CEO of Albion Gallery and Adam
Lindemann, an influential collector of contemporary art and author of Collecting
Contemporary.

Chuck Close, artist and a recipient of the National Medal of Arts from President
Clinton, Amy Cappellazzo, deputy chairman at Christie's and Jerry Saltz, senior
art critic for New York magazine spoke against the motion. John Donvan,
correspondent for ABC News Nightline, moderated.

A full transcript of the debate will be available at
http://intelligencesquaredus.org/Event.aspx?Event=35.

Key excerpts from the debate include:

"Most artists, by nature, are mediocre. There are no undiscovered geniuses. Take
my word. There are no undiscovered geniuses. There are many undiscovered
competent artists, just as competent as the artists who are famous and we all
know. There are no charlatans. If somebody wanted to be a charlatan the last
thing they would do is go into art. There are many other ways. And I think the
financial market is a much, obviously a much better place to be a charlatan than
being an artist. " - Chuck Close

"What I put forth here is that art is a bit like physics, it-it can exist both
as wave and as particle, so it is at once something that is bought, sold, traded
as a commodity, or as some-something like a commodity, and it exists in this
sort of higher place, of emotional, intellectual, historical, and cultural
meaning - and cultural relevance." - Amy Cappellazzo

"I think that the art market is open for manipulation because it`s unregulated,
I think it is unregulated because, historically, it`s found its own way of
operating, because it`s just simply actually not possible to regulate this
market, and it would be a ghastly thing, if it ever could be regulated." -
Michael Hue-Williams

To view transcripts and videos or learn more about Intelligence Squared U.S.
please visit: http://www.intelligencesquaredus.org.

About Intelligence Squared U.S. and The Rosenkranz Foundation

Intelligence Squared U.S. is a New York-based initiative of The Rosenkranz
Foundation; the executive producer is Dana Wolfe. Designed to raise the level of
public discourse, the Oxford style, three-on-three debate series is the U.S.
version of a London-based program. Since September 2006, the series has
attracted sold-out crowds in New York City. Intelligence Squared U.S. provides a
forum for intelligent discussion and encourages the recognition that the
opposition has intellectually respectable views. For more information about
Intelligence Squared U.S., please visit www.intelligencesquaredus.org.

The Rosenkranz Foundation was established in 1985 to encourage the highest level
of achievement and innovation in public policy, higher education and the arts.
It seeks to promote fresh and effective intellectual perspectives. The
foundation is committed to promoting intellectual diversity in public policy
discourse and higher education. For more information about The Rosenkranz
Foundation, please visit www.rosenkranzfdn.org.

For Intelligence Squared U.S.
Jonathan Cohen, 203-722-1858 (cell)
jcohen@middlebergcommunications.com

Copyright Business Wire 2009