News & Analysis as of

Paintings Sculptures and Engravings Art Sales

Sullivan & Worcester

Best Practices for Nazi-Era Art Presented at Special Event in Washington

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I was honored to be among the speakers this week at the United States Holocaust Memorial Museum on March 5, 2024. Convened by the World Jewish Restitution Organization and the U.S. State Department, the event announced the...more

Sullivan & Worcester

Thyssen-Bornemisza wins Pissarro painting sold under Nazi duress by Lilly Cassirer

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The U.S. Court of Appeals for the 9th Circuit ruled on January 9, 2024 that the Thyssen-Bornemisza Collection Foundation in Madrid is the owner of Rue Saint–Honoré, après-midi, effect de pluie (1892) by Camille Pissarro, a...more

Sullivan & Worcester

Lawsuit Seeking to Stop Deaccessioning of Paintings at Valparaiso is Dismissed

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A trial court in Indiana recently dismissed a lawsuit challenging the proposed sale of three works of art by Valparaiso University: Rust Red Hills by Georgia O’Keefe, Mountain Landscape by Frederic Edwin Church, and The...more

Sheppard Mullin Richter & Hampton LLP

Unroll the Scroll Painting: Inside the Chinese Art Market and Its Regulatory Landscape

When Christie’s Auction House first entered the secondary art market of mainland China in 2005, it licensed its brand to a local auction house and received a total of RMB 97,000,000 (roughly $12,100,000) for its inaugural...more

Sullivan & Worcester

Responsible Art Market Initiative­--Intermediaries and Sustainability in the Art Market January 28, 2022 in Geneva

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After a two-year hiatus, the Responsible Art Market Initiative is planning a return to its in-person annual conference at the end of this month in Geneva. For anyone who has attended RAM events or used its catalogue of...more

Sullivan & Worcester

FinCEN Issues Notice of Proposed Rulemaking to Regulate Dealers in Antiquities

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The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) today published in the Federal Register notice of proposed regulations related to the implementation of amendments to the Bank Secrecy Act (BSA)...more

Sullivan & Worcester

A Deaccessioning Decision Tree Grows in Brooklyn—Selling Museum Art in Hard Times

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Robin Pogrebin at the New York Times has written an excellent piece on the news that the Brooklyn Museum intends to sell several works from its collection to raise money. The museum explicitly relies on the pandemic-inspired...more

Ballard Spahr LLP

Using Art to Evade Sanctions and Launder Money: The Senate Report

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Is Art an “Ideal Playing Ground” for Money Laundering? Last week, the Permanent Subcommittee on Investigations for the U.S. Senate released a detailed, 147-page report titled “The Art Industry and U.S. Policies That...more

Sullivan & Worcester

Paddle 8 Creditors Battle Over Scope of New York Consignment Law

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Since online auctioneer Paddle 8 filed for bankruptcy protection in March, creditors of the company have begun filing their notices of claim in the bankruptcy case. One thing on which the creditors all seem to agree is that...more

K2 Integrity

As COVID-19 Drives More Art Auctions Online, How Do Market Participants Maintain Financial Crimes Compliance?

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With the global economy reeling from the direct effects of the COVID-19 pandemic, no sector is spared from its impact, including the art market. As auction houses seek to find ways to sustain business during this time of...more

Sullivan & Worcester

The Taxman Cometh­—Christie’s Penalty is the Latest Example of Sales and Use Tax Pitfalls

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News broke last week that auction house Christie’s had agreed to pay a $16.7 million fine to the Manhattan District Attorney for failing to collect sales tax between 2013 and 2017. This was surprising in many ways, but a...more

BCLP

Additional Compliance for the Art World

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Individuals, trusts and companies buying or selling art via UK galleries and auction houses will now be subject to the same customer due diligence checks as those opening bank accounts in the UK. What has changed? The...more

Ballard Spahr LLP

Art and Money Laundering

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The potential role of high-end art and antiquities in money laundering schemes has attracted increasing attention over the last several years, particularly as the prices for such objects steadily rise and a tightening global...more

Fox Rothschild LLP

Hockney Masterwork Sells For $90.3 Million, Sets Auction Sale Record For A Living Artist

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In recent art world news, British artist David Hockney’s iconic painting “Portrait of an Artist (Pool with Two Figures)” (1972) set an auction sale record for a living artist when it sold for an astonishing $90.3 million in...more

Fox Rothschild LLP

Fall Auction Of American Works From Highly Acclaimed Barney Ebsworth Collection Fetches $317.8 Million

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In recent art world news, as an update to our recent post on the fall sale of American works from the $300 million Barney Ebsworth collection, the highly anticipated sale of American modern art occurred earlier this week and...more

Fox Rothschild LLP

De Kooning Paintings Discovered In Storage Locker To Be Auctioned Off Authentic Or Not

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In recent art world news, over the summer art dealer David Killen purchased a storage locker in New Jersey containing 200 works of art for $15,000 after hearing about it and taking a cursory look before completing the sale. ...more

Fox Rothschild LLP

Christie’s Fall Auction To Feature American Works From $300 Million Barney Ebsworth Collection

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In recent art world news, more than 85 works from Barney Ebsworth’s art collection will be on the auction block in November at Christie’s in New York. The late travel entrepreneur’s collection is estimated at over $300...more

Sullivan & Worcester

Berkshire Museum Tries to End-Run Pending Appeal but Member Plaintiffs Decline to be Bullied

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After four months of silence, the Berkshire Museum suddenly demanded last week that my clients dismiss their still-pending lawsuit over the governance of the museum by claiming that the April decision by the Single Justice of...more

Fox Rothschild LLP

Sotheby’s Reports Second Quarter Net Income, Down From Same Period Last Year

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In recent art world news, Sotheby’s reported a $57.3 million net income in the second quarter of this year in a recent earnings call earlier this week. This figure represents a decrease of $19.6 million or about 26% in...more

Sullivan & Worcester

Sullivan & Worcester LLP Assists in Relocation of "Digital DNA" from Palo Alto to Harvard

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I am pleased to report on the outcome of a matter we announced in February. After a disagreement with the City of Palo Alto (California) about her sculpture Digital DNA, Sullivan & Worcester LLP client Adriana Varella has...more

Fox Rothschild LLP

Buyer Of Nazi-Tainted Painting Requests Christie’s To Reimburse Him For Purchase Price Paid A Decade Ago

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In recent art world news, a buyer of a painting recently identified as having been confiscated by the Nazis in 1940 from a Jewish collector in Paris is asking Christie’s to refund the purchase price paid a decade ago for the...more

Sullivan & Worcester

A Step Back from the Brink—Agnes Martin Authentication Board Prevails in Court

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The decision by a New York court last month in favor of the Agnes Martin Catalogue Raisonné (AMCR) in a lawsuit by the Mayor Gallery Ltd in the United Kingdom is the latest in a series of disputes over the practice of...more

Fox Rothschild LLP

Berkshire Museum Falls Short Of $55 Million Goal To Build Endowment And Close Budget Deficit To Ensure Its Future

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In recent art world news, a Norman Rockwell painting titled “Blacksmith’s Boy—Heel and Toe” (1940) from the Berkshire Museum’s collection sold for $7 million (with buyer’s premium added, the figure is about 8.13 million) to a...more

Fox Rothschild LLP

Painting Displayed For Years At Chicago Convention Center Generates Unexpected Windfall At Sotheby’s Auction

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In recent art world news, a painting by celebrated African American contemporary artist Kerry James Marshall generated an unexpected windfall for a Chicago municipal agency last week at Sotheby’s in New York. The vibrant...more

Fox Rothschild LLP

Coveted Hockney Painting To Be Offered At Sotheby’s May Auction With $20-$30 Million Estimate

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In recent art world news, a coveted David Hockney oil painting titled Pacific Coast Highway and Santa Monica (1990), featuring a colorful California landscape along the Pacific Ocean, has been added to Sotheby’s upcoming...more

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JD Supra Privacy Policy

Updated: Dec 28, 2021:

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