A discovery by metal detectors of 2,528 silver coins dating to the period immediately after the Norman Conquest was announced at a press conference yesterday at the British Museum. The coins were discovered in a ploughed field in Somerset and were immediately reported to the local Coroner. Their importance is significant as they shed new light on the post-conquest period immediately after the Norman Invasion and include coins depicting Harold Godwinson (“Harold II”) (1066), the last crowned Anglo-Saxon king of England and his successor, William the Conqueror (1066 – 1087), the first Norman King of England. The Chew Valley Hoard (as it has become known) also contained first known examples of a “mule” between Harold and William. Mules are coins that show designs of different coin types on either side. They are seen as an early example of tax evasion as it enabled the “moneyer”, or person who issued the coin, […]
Arguably, the legal issue causing most concern in the art world at the moment is the introduction of the Fifth Anti-Money Laundering Directive (5 AMLD), which is expected to be implemented into UK law by the 10th January 2020, regardless of Brexit. The art market is perceived as an easy target for criminals wishing to purchase art as a means of laundering the proceeds of crime. This directive applies to dealers, auction houses and other entities transacting in art and aims to tighten up the current requirements on money laundering and tackle the risks that are commonly associated with the trade. The directive will affect all non-EU buyers purchasing works of art at galleries, fairs and auction houses in the UK and thus requiring the seller to undertake the same level of risk-based due diligence enquiries on purchases, or a series of related purchases, amounting to €10,000 or more, that […]
When to mediate – the tipping point. It is often said that mediation is a more effective way of enabling the parties to settle their disputes outside the court process, thereby saving costs, the inevitable stress of litigation and preserving confidentiality in the process. If that is the case then why do people not take the opportunity to mediate at the first sign of a dispute and why do cases ever end up in court at all? There can be various reasons why people turn to the court first. A decision to litigate may be tactical, i.e. a belief that the other party will be “fazed” by litigation or costs implications and just “give in”, or guided by emotional rather than strategic considerations. Parties may have a strong belief in the legal, and moral, merits of their case and simply feel that there is nothing to mediate. What […]
Originally published in Hunters. See original version here. What art market professionals, buyers and sellers can learn from the de Pury’s successful claim for commission payment Last week saw the handing down of the judgment in a claim brought by Simon and Michaela de Pury and their associated companies over the payment of commission following the private sale of Paul Gauguin’s painting, dated 1892, of two Tahitian women, Nafea faa ipoipo (translated as “When will you marry?”). The case is fascinating for the way in which it exposes the private deals and private lives of the individuals involved as well as art market practice in general. The fact that details of the sale which are usually kept private, such as the date of sale, September 2014, as well as the identities of the sellers, buyer and various intermediaries and the sale price of $210 million are all revealed is unusual. For […]
Originally published in Hunters. See original version here. Considerations of lending art Owners and trustees of significant art collections may find that lending artworks to institutions for exhibition is an attractive way of building and bettering the reputation of their collection. Building a rich exhibition history may enhance an artwork’s monetary value and prestige. A well-placed loan can give an artwork from a private collection a new lease of life as it may be seen by a much larger public audience, perhaps even for the first time, as well as experts and scholars. The study and scholarship that goes into creating an exhibition may result in new attributions and sometimes significant discoveries about an artist or an artwork. On a practical level, lending artworks can free up space on overloaded walls or in storage racks and provide funds for building and preserving collections. The lender may receive a lending fee […]
On Wednesday 13 February, PAIAM is hosting an event at The Photographers’ Gallery in which members are invited to the ‘Roman Vishniac Rediscovered’ exhibition. James Ratcliffe will discuss the benefits of mediation and its relevance to art disputes, especially those concerning Nazi-looted objects. For more details, please see here.
Nicola Wallace has been invited to be a Judge for the third year running at the 14th International Mediation Competition at the International Chamber of Commerce in Paris. The competition, which runs for 7 days, brings together global leaders in the field of mediation and 66 University teams and their coaches. More information can be found at https://iccwbo.org/dispute-resolution-services/professional-development/international-commercial-mediation-competition/