The concentration of media ownership is never a good thing. Integration leads to anticompetitive behaviour in the marketplace — especially among publications owned by the same parent company. So should the art world be concerned by the recent news that Brant Publications, owned by powerhouse collector Peter Brant, now owns all the assets of Art in America, The Magazine Antiques, Modern Magazine and ARTnews, which joins his flagship, Interview Magazine?
It depends on how you look at it. Brant was already a majority stakeholder, which gave him full control over the companies. In July 2015, as the Observer reported, Brant Publications sold its 100% ownership of Art in America to Artnews S.A., the publicly-traded company based in Warsaw, Poland that owned ARTnews. BMP Media, a Brant subsidiary then purchased a 60% stake in ARTnews for $16.9 million.
So the only difference now is that he owns 100% of the stock. The question then arises: now that ARTnews is under private ownership, how will that impact its coverage moving forward, especially since it’s no longer a publicly-held media entity?
