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/
Proposed reforms to save more art for the nation – Petra Warrington (1 February 2019, Law Gazette) In the UK, cultural objects of a certain age and monetary value require a licence in order to be exported out of the country. An owner wishing to export a valuable work must obtain a licence from the Arts Council following a review process. When an application for an export licence is made in respect of an object deemed to be of outstanding national significance, the granting of the licence is deferred for a period of time to allow domestic institutions an opportunity to raise funds to acquire the object at fair market value, should the owner agree. Critics of the UK’s export licensing regime for objects of cultural interest sometimes lament that the system lacks teeth. As a result, each year the opportunity to retain significant works of art and precious objects for […]
Petra Warrington and Gregor Kleinknecht Court proceedings can be very expensive, consume much valuable time, generate harmful publicity, destroy goodwill and relationships between the parties and, in the end, satisfy none of the parties. There is often a clear incentive and, in many cases, an obligation on the parties to a dispute to consider and actively engage in alternative dispute resolution (ADR), primarily by way of mediation. There are added advantages for the parties in using ADR in art and cultural heritage disputes, where publicity can “burn” a work’s marketability. Case law consistently points to the judiciary’s encouragement of ADR. This is reflected in court guidance and case management, which includes asking the parties whether they have considered ADR at various stages of the litigation process. The court has discretion to order a stay of proceedings to encourage the parties to explore settlement through mediation and other forms of ADR […]
On 17 October, members of the Art Resolve team will join art market professionals to share experiences of disputes within the art market which could have benefited from mediation. This seminar is being presented as part of a series of events during Mediation Awareness Week 2017.
‘When the latest CEDR report confirms that approximately 86% of mediated disputes are resolved within a day, or shortly afterwards, and that mediation account for £10.5billion worth of commercial claims, why it is that mediation is still considered by some to be a soft option that weakens a litigation strategy’.
The increasing globalisation and eclecticism of the art market, together with the proliferation of online sales platforms, have attracted buyers all over the world, at all levels of the market. In addition to the traditional professional buyers, consumers are increasingly accessing the art market directly through these new sales channels. This widening reach and ease of access, and the sheer volume of transactions increase the likelihood of unwary buyers making costly mistakes and emphasise the need for careful due diligence and thorough investigations of artworks prior to any acquisition.