The Legal Canvas - Summer 2012


In This Issue:

- Dealing in Hidden Risk: Agency and Fiduciary Liability in the Dealer-Seller Relationship 3

- Censorship: Silencing Art 7

- Quick Update - Consigned Art and Bankruptcy 11

- Thinking About Litigation? Think Twice. It’s Alright. 12

- Artist Resale Royalties in America: California Law Struck Down. National

Legislation Proposed. 17

- New York Board of Regents Adopts New Daccessioning Rules 20

- The World’s Most Expensive Light Bulbs: How the European Union is Applying

VAT to Important Works of Art 22

- Time Limits on Holocaust Claims: News from Both Coasts 24

Excerpt from Introduction: Summer 2012 Already?

In this issue of the Legal Canvas, we have chosen to cover some basics – or at least things that are basic for lawyers but may be matters of mystery for others.

In the course of our practice we find that many of our clients have (happily) never been involved in litigation. That’s the good news. The bad news is that when a dispute arises, inexperience with the realities of litigation may affect the ability to make good decisions. We therefore offer a primer on litigation – what it is, how it works, its risks and its benefits, and why it is so expensive.

We also find that although many people in the art world owe fiduciary responsibilities to their employers, institutions, or clients, they may not understand the nature of those responsibilities or the potential consequences when they are breached. We discuss the concept of fiduciary duty and look at two cases – one that is currently pending in New York and one that was decided in London in 2010 – that illustrate the sorts of facts that may elicit claims (or findings) of fiduciary breaches...

Please see full newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Patterson Belknap Webb & Tyler LLP | Attorney Advertising

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