News & Analysis as of

Art Art Sales Art Auctions

WilmerHale

Money Laundering In The UK Art Market: Key Risks, AML Rules

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We have been writing a lot recently about trends in the global market for fine art. One specific area that deserves attention is steps taken to stamp out laundering illicit funds via the art market, such as through auctions...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

FinCEN Signals Suspicion of Art Market Even Before AML Study Begins

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In connection with the late-2020 amendment to the Bank Secrecy Act (BSA) to include “dealers in antiquities” as a result of its inclusion in the National Defense Authorization Act (NDAA), the Treasury Department’s Financial...more

White & Case LLP

COVID-19: Disruption to Art Transactions

White & Case LLP on

It would be a truism to note that COVID-19 has had a profound impact on many sectors globally. The art industry, which relies considerably on the human interaction between art dealers, artists, and members of the public, is...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

Sullivan & Worcester

U.S. Senate Report Takes a Swing at Money Laundering in the Art Market But Strikes Out on Substance

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A recent report by the U.S. Senate Permanent Subcommittee on Investigations (headlined by Chairman Senator Rob Portman, Republican of Ohio, and Ranking Member Tom Carper, Democrat of Delaware) has drawn widespread attention...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

BCLP

Additional Compliance for the Art World

BCLP on

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

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

Fox Rothschild LLP on

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

Fox Rothschild LLP on

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

Fox Rothschild LLP on

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

Fox Rothschild LLP

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

Fox Rothschild LLP on

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

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

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

Sullivan & Worcester

What About Margarethe Mauthner? Van Gogh Once Owned by Elizabeth Taylor Heads to Auction Again with Scant Mention of its...

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Since the passage in 2016 of the Holocaust Expropriated Art Recovery (HEAR) Act, many commenters (here included) have grappled with what the implications of the law will be on the scope and frequency of future claims. Even as...more

Fox Rothschild LLP

Auction House Sales In 2017 Signal A Surging Art Market

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In recent art world news, following strong sales in 2017, the international auction houses are said to be “feeling bullish” once again. Last Friday, Christie’s announced that it had sold about £5.1 billion or $7.3 billion of...more

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