Art Market May Be Asked to Reveal What’s Behind the Curtain With Proposed Legislation | New York Law

Apr 03, 2019

While it would seem to be good public policy to enact legislation that will prevent money laundering, terrorism, and fraud, art market leaders are concerned that money laundering in art transactions is not a big enough issue to justify the regulatory burden.
Source : New York Law Journal

The Digital Art Market Heats Up

Mar 26, 2019

Prices are rising, but buyers may not always know the risks—including technological obsolescence.
Source : WSJ-Dan Weil

Art And Money Laundering Why The Global Art Market Needs Regulation - Artlyst

Mar 26, 2019

High-end art, antiquities, and antiques have become more and more attractive to money launders says, Peter D. Hardy a partner at Ballard Spahr, writing for The National Law Review, in an in-depth article published today.
Source : Artlyst-Paul Carter Robinson

Meet the Accountants Who Take on Taxes for The Art Market

Mar 12, 2019

In 1789, Benjamin Franklin wrote, “In this world, nothing can be said to be certain, except death and taxes,” and while they are both generally considered to be unavoidable and unpleasant, fortunately, there are professionals who can make the burden of taxes and other financial obligations somewhat lighter for individuals and businesses.
There are many accountants and accounting firms that specialize in services for the art market. From helping artists file individual tax returns to bookkeeping services, management accounting and budgeting, tax and VAT compliance, annual statutory accounts and audit services for arts-based businesses, accountants can accomplish a wide range of t ...

Clean House to Survive? Museums Confront Their Crowded Basements

Mar 12, 2019

With storage spaces filled with works that may never be shown, some museums are rethinking the way they collect art, and at least one is ranking what it owns.
Source : Robin Pogrebin

Wealthy millennials boosting the art market

Mar 09, 2019

The global art market experienced another uptick in 2018, helped by an increase in the spending power of millennials, a report published by UBS and Art Basel said on Friday.
Source : U.S.-Brenna Hughes Neghaiwi

You Want to Buy Art. Is It About Love or Money?

Feb 19, 2019

Collectors offer advice on how to buy fine art, and when to sell it.
Source : The New York Times By PAUL SULLIVAN

Savvy Specialty Finance Firms Cash in on the Growing Trend of Borrowing Against Art

Feb 12, 2019

For firms that combine a knowledge of the art market with financial expertise, your solid investment is potentially theirs, as well.
Source : Observer-jehelmke

Filling in the Blanks: How Provenance Researchers Solve the Art Market’s Complex Puzzles

Jan 17, 2019

What is provenance research and why is it important?
Highly desirable works of art are often described as having “impeccable provenance,” but what exactly does that mean?
Imagine being able to trace an uninterrupted line from a work of art’s current owner back to the artist’s studio, knowing every place the work has ever been exhibited, the date and location of every sale and the identity of every previous owner along the way.
When you think about all of the events that would occur over, say, a 400-year-old Old Master painting’s lifetime – war, natural disaster, political and economic unrest – it becomes clear that all of this information, collect ...

Top 3 Art Insurance Claims and How to Prevent Them*

Jan 15, 2019

By: Erin Bast, Senior Underwriter at Huntington T. Block Insurance Agency, Inc., a division of Aon
It is commonly thought that art theft would be the most prevalent claim due to breaking headlines about bold art heists and movies such as the Thomas Crown Affair. However, ironically enough, theft claims are really rather rare. Instead, the majority and most common types of art claims can be bucketed into three categories: transit, peril and accidental damage.
Art on the move
The number one type of claim the art world experiences is damage of a work of art during transit. In fact, over the course of a year, transit is the cause of between 60% - 75% of all losses. While the safest place for ...

How Art Exhibition Consultants Benefit Galleries in a Shifting Market

Nov 12, 2018

In the past decade or so, the way that art is exhibited, bought and sold has made a major shift. The number of art fairs is at a record high. For some galleries, these art fairs can be highly beneficial, as sellers are able to increase their visibility and widen their market. Participating in art fairs year-round can be an immense financial burden, and yet if galleries choose to opt out, they are considered irrelevant. This high-cost, high-risk atmosphere of most art fairs poses an immense threat to the existence of smaller brick and mortar gallery spaces and can be very costly and profit-eating even to the established galleries.
As New York-based artist consultant Elliott Levenglick, who r ...

Essential Software For Art Market Businesses

Sep 11, 2018

5 Tech Companies Offer Efficient Information Sharing
The art market is evolving as more and more art transactions are taking place online. However, despite grabbing most of the headlines, e-commerce sites aren’t the only platforms that are revolutionizing the art world via tech. A number of companies offer software solutions to help art market businesses -from auction houses to galleries to art consultant firms - run their businesses more efficiently.
Due to the historical and prospective significance of the works being bought and sold, art transactions require a complex web of data that is continually evolving about both the object and its sales. With the help of online software pro ...

Surviving the Storm: How to Keep Your Art Protected in the Wake of Disaster

Aug 30, 2018

By Diane Jackson, Chief Operating Officer and Director of Finance at Huntington T. Block Insurance Agency, Inc., a division of Aon
With the 2018 hurricane season upon us and the most damaging California wildfire blazing – not to mention the prospect of winter weather around the corner – it’s more important than ever for art collectors to create a plan of attack for how to keep their collection safe if a natural disaster were to occur. Failing to have a proactive plan in place leaves collectors vulnerable to having to react quickly in dangerous situations, upping the chance art may be damaged in hasty transit or, worse yet, have to be left behind at a moment’s notice. ...

Collection Management Specialists: Going Beyond the Catalogue

Jul 11, 2018

One of the most vital services for art collectors that is commonly overlooked is collection management. As a collection grows, having a collection management specialist by your side can be incredibly beneficial to save you time and headaches in both the short and long terms.
While more and more larger private collections are being overseen by collection management specialists, this field is still unknown to many newer collectors and industry insiders. We spoke with four experts from the field about why a collector should hire a collection management specialist, what services they offer, how to hire the best specialist, and why your art consultant may not be enough.
Cataloguing & Beyond ...

How to Invest in Art Funds

May 21, 2018

What to Expect As You Become a Part Owner of a Masterpiece
Not everyone can own a masterpiece. Besides the often prohibitive price tags, you also have to wait for one to come up at auction, and not all art lovers have adequate wall space. One of the greatest troubles (and joys) of paintings and sculptures is that there’s just one of each.
Art funds, however, allow individuals to share ownership as they make investments in aesthetic assets including masterpieces. Around since 1974 (according to Artsy.net), these entities have shifted over the years to accommodate new investors and eras of art history. Now, you need not be a millionaire, nor an Old Masters aficionado, to buy in. This y ...

To Catch a Thief: Art Security & Recovery

Mar 06, 2018

Let’s leave art theft to Hollywood. Glamorous and alluring as The Thomas Crown Affair and similar films may be, true art crime leaves its victims feeling attacked, struggling with insurance companies, and grieving for prized possessions. It also happens more frequently than you may expect: tens of thousands of artworks, worth billions of dollars, go missing every year. In 2004, the FBI even set up their own Art Crime Team, comprised of 16 special agents. They maintain a National Stolen Art File, where you’ll find missing works by artists ranging from Abstract Expressionist Franz Kline to Andy Warhol. From Pre-Columbian stone bears to screen prints, art of all media, from all eras ...

Interview of the Month with Fortress

Mar 05, 2018

The Clarion List continues our series of interviews with leading art companies. Whether you are learning about these companies for the first time or are already familiar with their services, we hope this series helps shed insight into each’s distinct niche and makes the art services market in general more transparent.
This month we discussed art storage and collection protection with Kimberly Jones, Vice President at Fortress Miami, a museum quality art storage and services company. Learn about how to prepare your collection for hurricane season, why "after the storm" events can be more dangerous than "during the storm" events, and why this art storage company decided to open in hurri ...

What You Need to Know About the Increasingly Important Role of Private Art Transactions

Jan 16, 2018

By Peter Falk, Co-Founder and Head of Research for Private Art Transaction Alliance, LLC in New York
For most of the 20th century transactions in the art market were largely under the control of brick-and-mortar art galleries and the major auction houses. Galleries sold privately at what were considered to be retail prices — this defines the primary market. They nurtured artist’s careers and established value benchmarks. As time passed, the auction houses fed off the galleries’ consistent promotional efforts and sold works publicly at what were often by comparison, wholesale prices, and this defines the re-sale or secondary market. But, by 1990 auction price results had be ...

From Fingerprints to Champagne Spills: Expert Conservators on How to Handle New Art Damage

Jan 16, 2018

Plus Tips for Investing in Art That Needs (or May Soon Need) Conservation
Art conservation--generally the purview of trade publications--became major news this fall with the case of Leonardo da Vinci’s Salvator Mundi (Savior of the World). The painting, which sold at Christie’s Post-War and Contemporary Art Evening Sale this past November, realized a price of over $450 million. Yet, it also attracted much attention for the dramatic lengths that conservators had gone to alter the surface. Publications from The Daily Mail to New York Magazine discussed the intensive alterations that a world-class team had made to the warped and scratched original. da Vinci made the painting around ...

How to Source & Install Art in Commercial Quantities

Jan 11, 2018

by Daria Pletneva, Creative Director at ARTI.NYC
It can often be a lengthy process to source a single work of art for a single empty wall. Sourcing art works in bulk for a commercial space can therefore seem to be an almost insurmountable, difficult task for some interior designers, architects and even new art consultants. However, with careful planning, one can create a cohesive, enjoyable art plan for a large spaces. The following article presents my advice for sourcing and installing 20+ artworks for large projects like townhomes, commercial buildings, hotel chains, restaurants, and even airports.
Plan and Discuss
This step is as evident as it is crucial and underestimated. In building ...

Curated Consignments, Bespoke Services and More: E-Commerce Platforms Demystified

Nov 14, 2017

Slowly, the online art market is expanding and converting naysayers who formerly refused to make digital purchases. Back in May, The New York Times reported that online art sales still account for less than 10% of the total market, though they’ve increased 15% since 2015. If the numbers are clear, the underlying processes are more nebulous. Though it’s easy to type in a web address and see an image of an artwork, it’s more difficult to see the history attached to the piece and how that consignment came about. Online transactions can feel impersonal, particularly compared to the intimate interactions that gallerists and collectors typically enjoy: there’s no back viewi ...

How to Make the Most of Museum Deaccessions: Three Art Consultants Weigh In

Sep 18, 2017

Collectors and museums interact in myriad ways, some more obvious than others. Institutions may be where collectors receive their first aesthetic educations, and collectors’ names often accompany the wall text as the donors of the pieces on view. Sitting on museum boards, collectors often guide major institutions, support them financially, and help plan annual benefits.
On rare occasions, however, when museums deaccession works, collectors can buy pieces directly from them. On October 10, for example, Christie’s will hold a sale to deaccession some of the duplicate photographs in MoMA’s own collection. It’s both an opportunity to purchase works once held by one of th ...

Interview of the Month with Winston Art Group

Sep 16, 2017

The Clarion List continues our series of interviews with leading art companies. Whether you are learning about these companies for the first time or are already familiar with their services, we hope this series helps shed insight into each’s distinct niche and makes the art services market in general more transparent.
This month we discussed art advisory with Marc Hajjar, Associate Director at Winston Art Group, a leading independent art advisory and appraisal firm with eight offices in the US. Learn about how the firm's large size helps their clients, how today's treatment of art as an asset class is spurring new trends in art appraisals, and about what trends they are seeing in art ...

In Addition to Educating Collectors, How About Training Art Advisors?

Sep 15, 2017

The 101 Program for Art Advisors by Tang Art Advisory and One Art Nation
By Annelien Bruins, CEO and Art Advisor, Tang Art Advisory
Even as details of the Labor Department’s Fiduciary Rule are still being debated and its implementation may be delayed for another 18 months, the writing’s on the wall. Investors want financial advisors who act in their best interest, and understandably so. There is a lesson to be learnt here. As a number of recent high-profile court cases has shown, there is much potential for misunderstanding in the relationship between collector and art advisor, particularly if potential conflicts of interest or remuneration are not discussed in advance of a col ...

The Art Collector - Dealer Relationship Examined

May 10, 2017

Important Considerations for Find A Trusting, Lasting Partnership

The relationship between art collectors and dealers is unique within the worlds of culture and commerce. In no other creative field--dance, literature, film, music--does a single buyer purchase a work from a single seller in a distinct, personal transaction. It’s an intimate, high stakes deal drastically different from buying a concert ticket or a book. If all goes well, it can lead to mutual education about the market, incredible collections, and even decades-long friendship.
With reputation, finances, and meaningful aesthetic objects at play, what should more collectors consider when working with dealers, both inde ...

Interview of the Month with Barnebys

Mar 22, 2017

The Clarion List continues our series of interviews with leading art companies. Whether you are learning about these companies for the first time or are already familiar with their services, we hope this series helps shed insight into each’s distinct niche and makes the art services market in general more transparent.

This month we discussed online listing platforms with Pontus Silfverstolpe, Founder and Editor of Barnebys. Barnebys is a listing platform that is fast expanding globally, providing a one-stop shop for sourcing art and valuables available through auction houses and dealers. Learn about why they built their site in 2011, how their email alerts work, how they drive reven ...

The Art World Goes High-Tech: Bitcoins, Blockchain and Databases

Mar 21, 2017

The Cutting Edge Technology Companies Changing How We Search for and Authenticate Art
A handful of tech-savvy companies are shaking up old-school art world ideas about certification, provenance, and registry. Online databases are offering new, centralized platforms to track artwork. These services offer digital ledgers and certificates of authenticity and some--blockchain databases--provide the opportunity for users to carry out transactions in bitcoins (a type of digital currency). The databases, with varying degrees of privacy, can both facilitate purchasing and document each time a work changes owner.
As the world becomes increasingly cash-free, records of all kinds move from the physic ...

Professional Advice for Those Fortunate to Inherit an Art Collection

Mar 20, 2017

By Bonnie Kagan of Kagan Fine Art, art advisor and appraiser in New York
You have inherited an art collection. Wonderful
You may ask:
Ok, what do I really want to do with all of this?
What are my options? How does one prepare for the secondary market?
How do you choose an art professional to help?
It is best to choose an Art Advisor and Appraiser, since this person will be able to take you through all the steps to achieve the outcome you want, they will know where to go, what you need, and what it all should cost. Besides having the obvious qualifications as an art professional, choose someone who will take the time to listen to your concerns and situation.
If the art collection has s ...

The Fine Print: 4 Times to Hire an Art Lawyer

Feb 14, 2017

Sometimes, the only thing that separates a collector from a lengthy, pricey legal battle is some good professional advice. Hiring a savvy lawyer long before things get hairy can be one of the smartest, most proactive choices you can make to ensure that your art remains rightfully yours, that when you loan it out or bequeath it to an heir, the agreements align with your wishes. Lawyer Jonathan Freiman of Wiggin and Dana LLP offers a succinct explanation of when you should hire a lawyer: “buying, selling, lending, and defending.” These activities all involve risk, and a professional can help you better understand--and minimize--this risk. Of course, only some transactions / issues ...

The Definitive Art Storage Checklist

Feb 13, 2017

By Caroline Page-Katz, Chief Operating Officer at UOVO
Art storage facilities are naturally mysterious, discreet places due to the high value of their contents, so choosing one can be a murky and confusing process. Here is a checklist to go over when you’re searching for the perfect home for your artwork, whether it’s one painting or an institutional collection:
1. Does this company specialize in art storage?
Storing art isn’t like storing seasonal items or everyday household objects. Art requires a level of care beyond what a typical self-storage facility provides. Finding a facility which specializes in art storage and whose staff has been trained to handle art is the ...

There’s Nothing Like the Real Thing: How to Authenticate your Art

Feb 07, 2017

By Rayah Levy, Art Market Expert, CEO: ArtéQuesta and AOHFA
In January, Sotheby’s found that a painting called “St Jerome,” attributed to the 16th century Italian artist Parmigianino and consigned by collector Lionel de Saint Donat-Pourrières, was a fake. Paint samples taken from the oil painting were found to contain pigments not invented until the 20th century. Sotheby’s is refunding the buyer and is seeking damages of $672,000, according to The New York Times.

“St. Jerome,” attributed to the circle of the 16th-century Italian artist Parmigianino, has been determined to be a modern fake, according to a complaint filed by Sotheby’s ...

Commentary: We are experiencing a new Renaissance. Here is why.

Feb 07, 2017

By Daria Pletneva, Creative Director, ARTI.NYC
They say the history is cyclic. Apparently, the history of art too.
Today's "contemporary" is so much different from "post-war contemporary," and it is becoming harder to explain what period are you referring to. Isn't it time for the new term? "Modern" correlates to the pre-war 20th century period even tough the word itself means nothing but up-to-date, yet "contemporary" term applies to an increasingly large span of time since WWII. The name we use at the gallery for our convenience for today's art is "UX art," where UX stands for User Experience. So why is UX art is the new Renaissance?
The first characteristic of the bright end of the Med ...

Caring for Art on Paper - A Collector's Guide

Jan 18, 2017

A COMPLETE MANUAL TO THE CONSERVATION, DISPLAY AND RESTORATION OF PAPER
By Gordon Lewis, Senior Vice President and Director of The Fine Arts Conservancy.
Photo: Print by Willem de Kooning, After (left) and Before (right) severe water damage
Over a period of issues on The Clarion List, there will be a series of collectors’ guides to the conservation and display of art. These will appear in no particular order, and each type of art will have several parts to address all of the issues for that type of art. While all issues pertinent to a collector will be covered, they will not be sequential, but rather there will be an element pertinent to each type of art, but space compels us to div ...

Seven Art World Professionals on the 2017 Resolutions You Must Make

Jan 17, 2017

As we ring in 2017, we also usher in a new round of pledges to ourselves. We resolve to eat healthier, contribute to our communities, and be kinder to others.
As you reflect on the past year and plan for the next, don’t forget about your art. Take small measures now to ensure that some of your most beloved assets are in good shape. You’ll be saving yourself major headaches down the road. We asked seven professionals from different areas of the art world to suggest New Year’s resolutions that collectors and businesses should make. Read on for expert advice that spans technical, legal, and financial considerations. No matter how your new personal resolutions go, your art wil ...

Interview of the Month with Articheck

Jan 13, 2017

The Clarion List continues our series of interviews with leading art companies. Whether you are learning about these companies for the first time or are already familiar with their services, we hope this series helps shed insight into each’s distinct niche and makes the art services market in general more transparent.
This month we discussed condition reports with Annika Erikson, CEO and Founder of Articheck. Articheck is an innovative start-up, providing condition report software to conservators, appraisers, museum registrars, collection managers, private collectors and more. Learn about why condition reports are important for art collections and the art market in general, how much e ...

How the HEAR Act Just Made Holocaust Art Restitution History

Jan 12, 2017

By Rayah Levy, Art Market Expert, CEO: ArtéQuesta and AOHFA
For years Holocaust survivors and their heirs have had to jump through bureaucratic hoops to recover art stolen from them during World War II. In many cases, looted works are now in museums and private collections, making the struggle for restitution even more complex.
But on December 16th, President Obama signed the Holocaust Expropriated Art Recovery (HEAR) Act into law, a victory for those seeking Nazi-Looted Art, which will help ease those challenges.
"The HEAR Act will end an enduring injustice for Holocaust victims and their families." – President Obama
               &n ...

Closing the Barn Door: How one non-profit helps estate managers to deal with art that has been left

Dec 14, 2016

Image: David Shainberg, What If It Happened, 1989, source: poba.org
“When we opened the barn door for the first time, there were more than 1,000 remarkable sculptures inside, some could fit in your palm and some were over 10 feet tall! The family had no idea what to do with all these objects. They understood for the first time that their mother had, quite literally, created this remarkable phantasmagoria of sculptures, closed the barn door and hidden the key before she died,” Regan McCarthy, Co-Manager of POBA | Where the Arts Live, told The Clarion List.
“In our experience, this is not an unusual situation” McCarthy continued. “This family is hardly alone in ...

Antique Art and the Light Spectrum

Dec 12, 2016

By Manoj Phatak, Founder and CEO, ArtRatio
It is a common misconception that only ultra-violet light can damage art and antiques.
As stated in Technical Report 157 from the CIE (International Commission on Illumination, based in Austria), there are two principal processes by which museum art can degrade:
1. Photochemical action
2. Radiant heating effects
Photochemical action
This can result in irreversible molecular change to the structure of the material itself due to the incident light, not only ultra-violet (UV) and infrared (IR) but also visible light, and the final result depends on the 'activation energy' of the materials in question. The most noticeable change can be colour fadi ...

Present Technologies Benefiting the Art Market: Our Year-End Editorial

Dec 05, 2016

By Jessica Paindiris, CEO + Co-Founder, The Clarion List
Last year, I set out to use technology to solve an age-old problem in the art market: lack of transparency and access. I launched The Clarion List by taking a proven tech-backed business model—an online, searchable, sortable directory with ratings and reviews—and applied it to an industry that previously relied on word of mouth between the connected few or else various partial, disconnected, typically alphabetical, often outdated lists when it came to sourcing art companies. After all, technology enables unprecedented, efficient information sharing between people, companies and media outlets globally, so why wasn’t t ...

Advances in Conservation

Dec 05, 2016

By Gordon Lewis, Senior Vice President and Director of The Fine Arts Conservancy.
PHOTO: Gerhard Richter, oil on canvas
Over the past decade or so there have been tremendous changes in paper, paintings and objects treatment. All of the disciplines have benefitted from new instruments: to mention just two, electronic imaging microscopes which enlarge the work to 240 times actual size allow us to work at a level of detail and precision which was impossible before; specialized cameras which photograph only in infra-red and ultraviolet, among other sophisticated equipment.
Within the discipline of paper conservation, there is now less treatment than was executed before. For example, the devel ...

Popular Topics

Archive