ART SPENDING: Prada continues to invest in art. On Thursday, the Milan-based company signed a sponsorship agreement with Progetto Prada Arte S.r.l., a subsidiary company indirectly controlled by Miuccia Prada and Patrizio Bertelli. Prada will grant Progetto Prada Arte, whose main activity is to promote contemporary art, 5.65 million euros, or $7.35 million at at current exchange rate, to organize a number of art exhibitions. The contract is valid until Jan. 31, 2014.