This story seemed a little self-serving from the get-go when you consider that Joannou is one of Koons' foremost patrons (he owns more than 40 of his works), and the show will therefore presumably include a healthy helping of the Pop artist's shiny things. As if that weren't conflict-of-interest-y enough, Joannou is also a trustee of the museum.
Now the Times is going in detail into the weird web of art world cliquishness behind the upcoming Joannou show, which is a little confusing, but also makes it pretty clear that there's basically the art world equivalent of insider trading going on here—the artist William Powhida even made a huge, helpful chart of the New Museum posse and their various collaborations.
As professor and art controversy expert (he wrote a book on the subject) Steven C. Dubin told ArtsBeat:
Where’s the surprise? It sounds very cozy, and maybe it’s more exaggerated than elsewhere. The art world is very incestuous. There’s glamour. There’s money. It’s sexy.