LexMonitor

The Art of the Japanese Chrysanthemum - cocktail hour at The New York Botanical Garden November 7, 2008 and November 14, 2008

If you are in the New York City area on Friday November 7, 2008 and Friday November 14, 2008, consider participating in a cocktail hour at The New York Botanical Garden from 6:00 p.m. - 8:00 p.m.   There will be a flower show and art exhibition...

This blog will endeavor, over time, to discuss some of the major issues concerning the theft and conversion of art, artifacts, and antiquities, and what tools an aggrieved former owner of art may have to recover their prized belongings. This blog will also look at the same issues from a...

Unknown Buyers At Auction - Determining Who to Sue.

Despite the stock market turmoil, both high-grossing art auctions and high-rolling buyers who wish to keep their identity unknown remain a constant. This raises the following question: would a New York court, prior to filing an actual lawsuit, permit a party claiming to be the true owner of a...

Art Valuation under New York law -- How low will a court go in applying the blockage discount?

In Art Valuation under New York law – How many millions would a court assign to Warhol’s Mao Zedong?, we discussed a legal dispute surrounding Andy Warhol’s estate and the applicability of the “blockage discount” under New York law. This blog posting is a...

Art Valuation under New York law - How many millions would a court assign to Warhol's Mao Zedong?

The famous portrait of Mao Zedong by Andy Warhol will be put up for private sale in Hong Kong at the end of May 2008 and may go for $120 million. See http://economictimes.indiatimes.com/ET_Cetera/Warhols_Mao_portrait_may_fetch_120_mn/articleshow/3016705.cms. Would a court applying New...

Is Art Getting Crunched?

In recent months, the Wall Street Journal (“WSJ”) has reported that art loans are subject to the credit crunch that is affecting the economy-at-large. For example, an article in the April 27, 2008 edition of the WSJ noted that many art lenders, including banks, who typically loan...

New York's Arts and Cultural Affairs Law Protects Artists in a Volatile Economy

One way that the New York legislature has attempted to protect unwary artists is through the enactment of the New York’s Arts and Cultural Affairs Law Section 12.01.[1] This statute is particularly relevant in today’s uncertain economy because it prohibits an art merchant from...

Confidentiality Agreements Between Art Buyers and Art Galleries are Not Bulletproof

Many art buyers operate under the belief that a confidentiality agreement with an art gallery is a bulletproof mechanism to preserve the secrecy of their identities. A recent case by a New York Surrogate Court shows that this is a misperception because the law is above these private...

"Consignment" Agreements Under New York law - Best Practices For Protecting Art, Especially When The Market Is Distressed

The recent chapter 11 bankruptcy of the Salander-O’Reilly art galleries (located on New York City’s Upper East Side) shows that the financial distress of a consignee of art is not always readily apparent.   In today’s credit crunch, sadly, consignors may not recognize...