This behavior is usually exibited by flash player if it cannot find the correct path to the swf file. When i viewed the source of ur page, it says the file resides in "/new_galleries/featured_artist.swf" but when i tried to access it directly( http://www.betaspace.org/new_galleries/featured_artist.swf) it gave a 404 not found error.
But i did find a swf when i tried this:
http://www.betaspace.org/php_passer/new_galleries/featured_artist.swf
If that is the flash you want, then all you have to do is leave out the leading slash ('/') in your path. ie change
'/new_galleries/featured_artist.swf' to
'new_galleries/featured_artist.swf'
Also be sure to change the path on both the <embed> and <object> tags to mkae sure it works on all browsers.