1. Vienna Art Week The Museum of the Future November 18, 2008 Barry Lord President Lord Cultural Resources

2. What’s Not New and Will Continue In history and science museums, research value is normally greater than market value. In art museums, market value is sometimes greater than research value.

3. What’s Not New and Will Continue Art museums have always been part of the art market. The art market is an alternative investment system for collectors, for whom the art museum is a guarantor of value. ‘Insider trading’ characterizes the art market.

4. What’s Not New and Will Continue Art communicates meaning sensually and primarily visually. Art has also always been a source of pleasure. Nothing wrong with a little pleasure.

5. What’s Not New and Will Continue Art has always been global, in the sense that art has always been happening everywhere. Art has always had multiple ‘capitals’ of art production and appreciation.

6. What’s New and Will Grow The new economy privileges creativity, knowledge and information. As a source of all three, art has a new relevance to the entire population working in this new economy.

7. What’s New and Will Grow Because of its new mainstream relevance, and due to electronic communications the global character of contemporary art is now available to all – artists, collectors, museum visitors and the general public via the media and the internet, including social networking sites like Youtube.

8. What’s New and Will Grow In the industrial era art museums became important and successful as a source of meaning and pleasure. In the knowledge economy, art museums in addition have a new relevance to the working population, because art has a new relevance for them. Art museums, especially contemporary art museums, have therefore become mainstream cultural institutions, not avant garde.

9. What’s New and Will Grow Tourism may diminish due to the cost and environmental damage of travel. Residents and students may therefore become more important market segments for art museums.

10. What’s New and Will Grow The new global art must communicate local identities and meanings to maintain relevance to resident knowledge workers and students. It will then be instantly communicated, virtually or in exhibitions, to a global audience who may see it as pleasure, or (because they are knowledge workers themselves) may recognize its meaning.

11. What’s New and Will Grow The art museum of the future, especially the contemporary art museum, must present more biennales – local, regional, national and international – and more retrospectives of artists of all cultures worldwide. While the tourist audience may decline, local residents and students will continue to demand global art of relevance to them. Art museums will continue to proliferate expand, and place more emphasis on learning the meanings of art from around the world.