The Fine Print: 4 Times to Hire an Art Lawyer
Sometimes, the only thing that separates a collector from a lengthy, pricey legal battle is some good professional advice. Hiring a savvy lawyer long before things get hairy can be one of the smartest, most proactive choices you can make to ensure that your art remains rightfully yours, that when you loan it out or bequeath it to an heir, the agreements align with your wishes. Lawyer Jonathan Freiman of Wiggin and Dana LLP offers a succinct explanation of when you should hire a lawyer: “buying, selling, lending, and defending.” These activities all involve risk, and a professional can help you better understand--and minimize--this risk. Of course, only some transactions / issues will merit the cost of working with one. If you’re buying a $500 photograph, for example, legal fees will probably be greater than the price of your work: not worth it. Freiman and Brooke Oliver of 50 Balmy Law P.C. offered more specifics about the cases they’ve handled and how collectors can best protect themselves in a variety of circumstances.
How the HEAR Act Just Made Holocaust Art Restitution History
By Rayah Levy, Art Market Expert, CEO: ArtéQuesta and AOHFA For years Holocaust survivors and their heirs have had to jump through bureaucratic hoops to recover art stolen from them during World War II. In many cases, looted works are now in museums and private collections, making the struggle for restitution even more complex. But on December 16th, President Obama signed the Holocaust Expropriated Art Recovery (HEAR) Act into law, a victory for those seeking Nazi-Looted Art, which will help ease those challenges. " The HEAR Act will end an enduring injustice for Holocaust victims and their families. " – President Obama The bipartisan legislation, passed earlier last month by the U.S. House of Representatives and the Senate, allows those who lost art between 1933 and 1945 due to Nazi persecution to take legal action, subject to some limitations, within six years of the time they locate where the art resides . This will significantly help those who have come up against statutes of limitations that prohibit ...
Seven Art World Professionals on the 2017 Resolutions You Must Make
As we ring in 2017, we also usher in a new round of pledges to ourselves. We resolve to eat healthier, contribute to our communities, and be kinder to others. As you reflect on the past year and plan for the next, don’t forget about your art. Take small measures now to ensure that some of your most beloved assets are in good shape. You’ll be saving yourself major headaches down the road. We asked seven professionals from different areas of the art world to suggest New Year’s resolutions that collectors and businesses should make. Read on for expert advice that spans technical, legal, and financial considerations. No matter how your new personal resolutions go, your art will be in great shape. ART SECURITY 1. Check or upgrade your gallery or studio CCTV (closed circuit television, used for surveillance). Is it definitely still recording? For how long? Is the footage covering the right areas and is it of sufficient quality to satisfy your insurance underwriter's requirements? 2. When did you last test your b...
Is this a real Jackson Pollock? L.A. power lawyer sues over potential $100-million mystery
Pierce O’Donnell is a Los Angeles litigator with a track record of big cases. His prominent clients include Sherry Sterling in the $2-billion sale of the L.A. Clippers basketball team in 2014, and he has been a key player in the Sumner Redstone saga, representing the Viacom executive’s ex-companion Manuela Herzer.
The 5 Questions You Need to Ask Before You Say, “I’ll Take It” to a Work of Art…
It’s easy to walk into a gallery and swoon at the sight of a work of art, but making the decision to buy it is complex. We asked an art consultant, a conservator, an attorney and an adjuster for the important issues to consider before making such a big purchase. Question 1: Is it True Love or an Infatuation? Even experienced collectors have made mistakes, so it’s a good idea to take a little time to ponder your reaction. You may want to consider how it fits into your existing collection; how and where you would display it; and if your gut tells you that the price is in keeping with the value of this particular artwork. Annelien Bruins of Tang Art Advisory offers her clients a professional’s perspective without revealing her personal responses to the work of art. “My job is to give them my professional opinion on the quality of the work they are considering buying. For example, an artist may have a number of works available but there may be only one or two that I think are worth buying—because the compositi...
Five Legal Cases Changing the Art Market as We Know It
In the notoriously opaque art market, art advisors are sometimes paid by both sides, with buyer or seller none the wiser. That's what Michael Schulhof, former Sony Corporation of America chief, is alleging in his lawsuit against art advisor Lisa Jacobs.
American Airlines and seven others sued over damage to Lucio Fontana sculpture
The Art Newspaper is the journal of record for the visual arts world, covering international news and events. Based in London and New York, the English-language publication is part of a network of titles founded by Umberto Allemandi with editions in Italian, French, Russian, Chinese and Greek.
New York Comes Down on Art Collectors
by Stacy Perman After more than a decade's lull, the opaque world of buying and selling art is once again under scrutiny, particularly in New York state, where local law enforcement and tax authorities are busy investigating whether collectors have been paying their taxes, requesting sales and shipping records and sending out hefty invoices in the process.
Art and death taxes: Not so certain
Determining the fair market value of art for tax purposes continues to be a difficult task. For estate tax purposes in particular, executors face the challenge of establishing art values based on expert opinions, contemporaneous sales of comparable but not identical art, and the climate of various art markets - that of the artist, of the particular category and of the art market as a whole.
Art Collectors Find Safe Harbor in Delaware's Tax Laws
NEWARK, Del. - It may not summon up a sense of international intrigue like Geneva or Luxembourg, but this small city, just off the Interstate and down the road from Wilmington, can now boast that it has joined those more glamorous locales as a tax haven for art collectors.
Purchasing Art in a Market Full of Forgeries: Risks and Legal Remedies for Buyers
by Leila Amineddoleh. Since the first lawsuit against the Knoedler Gallery was filed for selling forgeries, the art world has been abuzz with stories of high-end fakes. However, forgeries are not a new phenomenon. The law of supply and demand dictates that there will be no end to the rising value of artworks done by the hands of “masters.” And with soaring market prices, art forgery will proliferate as forgers find incentive in skyrocketing sales. At the heart of forgery disputes is the determination of authenticity. Who makes these determinations? How does the market and legal world handle a battle of experts? Moreover, what remedies are available to disappointed buyers? The best method of protection is to complete due diligence; however, the process is often complex and expensive. Even after completing due diligence, it is possible for buyers to be left with sophisticated fakes. What legal remedies are available to buyers? Continue to read the paper...
Art Law & Art Recovery: How Stolen Art Became Stalin's Art
Holocaust art recovery cases are the most compelling cases in fine art law. We cheer for the families who have spent generations trying to recover their priceless treasures systematically stolen by the Nazi regime before and during World War II. On Oct 2015, United States Court Appeals affirmed in favor of Yale University in a case brought against them by a man whose grandfather's Van Gogh was seized by the Bolsheviks as “state property" in 1918. So, apparently not all tyrant art seizures are considered equal. For sure, a potential can of worms exists if we second guess a foreign state’s government conduct towards its citizens. Do we really want to question a government seizure from its criminals to satisfy taxes, pay debts, compensate for wrongful acts, recover the fruits of criminal enterprises, etc? But we know that the actions of some tyrannical states were simply so evil so as to be incapable of justification. Germany of the 1930’s is a prime example. We have no issue reversing seizures by the Nazis. ...