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Art Fine Art

Sullivan & Worcester

Allentown Art Museum to Auction Cranach Painting Once Owned by Collector Persecuted in Nazi Germany

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I was proud to advise the Allentown Art Museum, which announced today that it has reached an agreement with the heirs of Henry and Hertha Bromberg concerning Portrait of George, Duke of Saxony by Lucas Cranach the Elder and...more

Sullivan & Worcester

Schiele Drawing Returned to Heirs by Family that Also Fled Nazi Persecution

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I attended today’s press conference at District Attorney Alvin Bragg, Jr.’s office in Manhattan at which a drawing by Egon Schiele, Seated Nude Woman, Front View, was transferred to the heirs of Fritz Grünbaum. I represent...more

Flaster Greenberg PC

What To Do If You Inherit Fine Art: Flaster Greenberg

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Inherited art can be sentimental, beautiful, and valuable, but it can sometimes feel overwhelming. Depending on your personal situation, you have several options: you can keep and preserve the artwork, donate it to charity,...more

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

Gray Reed

The Fine Print: IRS Examination of Artwork

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Many taxpayers have art collections. However, the art collections of some high-net-worth individuals, family offices, and business taxpayers may draw the unwanted eye of the IRS. With the increased focus on auditing...more

White and Williams LLP

Fine Art Losses – “Canvas” the Subrogation Landscape

If a fire or flood destroys a high-net-worth client’s fine art collection, an insurer who pays out a claim related to the loss has an incentive to pursue subrogation. This article explores some of the issues an insurer should...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

Patrick Malone & Associates P.C. | DC Injury...

Better Healthcare Newsletter from Patrick Malone - August 2022

For too many patients, medicine now revolves around two things: pills and procedures. But since humanity’s earliest times, those treating the sick and injured often have turned to more human sources for help in healing: art,...more

Rivkin Radler LLP

The Rental of Art Between Related Parties: Applying the Resale Exclusion to the N.Y. Sales Tax

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“Yes” to Art, “No” to Tax- Private patronage of the arts. For centuries, artists, museums, and galleries have depended, in no small part, upon the largesse of wealthy families. Today, as in the past, many of these...more

Sunstein LLP

Artwork Created by Artificial Intelligence (AI) Not Eligible for Copyright

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In 2018, Steven Thaler filed an application to register a copyright for a computer-generated image created autonomously by a computer algorithm, the “Creativity Machine”. (We previously wrote about Mr. Thaler’s unsuccessful...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

Dorsey & Whitney LLP

A Tale of Two Princes

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An important decision by the Second Circuit in The Andy Warhol Foundation for the Visual Arts, Inc. v. Goldsmith, Case No. 19-2420-cv (2d Cir. Mar. 26, 2021), has, in important respects, upended how the defense of fair use is...more

Adler Pollock & Sheehan P.C.

The Art of Estate Planning

An art collection is a special asset to account for in an estate plan - It goes without saying that your art collection, including paintings, sculptures and other pieces of art, can represent a significant portion of your...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

Locke Lord LLP

Anti-Money Laundering Act’s Impact on Dealings in Art and Antiquities

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The Anti-Money Laundering Act of 2020 (the “AMLA”), which became law January 2, 2021 with Congress’ override of then President Trump’s veto of the Defense Appropriations Act of 2021 included provisions bringing dealers in...more

Farella Braun + Martel LLP

[Webinar] The Art of Planning for Valuable Collections - January 21st, 3:30 pm - 5:30 pm PT

Join us for a discussion of estate and philanthropic planning for art and other valuable collections. Topics to be covered include: - Collection ownership and management to protect the value of the collection (document,...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

“Moralistic Preening” and Broken Commitments Under the Washington Principles—Ninth Circuit Chastises Spain for Keeping Nazi-looted...

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The U.S. Court of Appeals for the Ninth Circuit yesterday affirmed the 2019 judgment that allowed the Thyssen-Bornemisza Collection Museum in Madrid to retain Camille Pissarro’s Rue St. Honoré, après-midi, effet de pluie (Rue...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

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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

Tarter Krinsky & Drogin LLP

Investing In Art Backed Loans: Five Considerations

Art backed loans are growing in popularity as art collectors seek to unlock the value of their collections. For investors who desire to diversify their debt portfolios into this expanding market but lack the expertise in fine...more

Sullivan & Worcester

Germany and its Federal States Announce Collective Declaration with Respect to Colonial Artifacts and Human Remains

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Debate has peaked in the last year or so about the treatment and possible restitution of so-called colonial artifacts in Western (i.e., European and North American) museums. The conversation is important for many reasons, but...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

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