Art Market Regulation: Why It is Badly Needed

Kenny AckermanArt MarketLeave a Comment

Depending on who you ask, the global art market is currently estimated to be anywhere from $50 to $70 billion annually. Regardless of the actual size, the market for fine art is growing, as is its preponderance as a recognized asset class. However, there are several serious problems with the art market that are exacerbating fraud and limiting its growth potential. … Read More

Many Collectors Unknowingly Own Forged Artworks (Museums Too).

KatherineArt Collecting AdviceLeave a Comment

fake art

The enclosed article was retrieved from the the FBI website (FBI.gov). For starters, it’s refreshing to see that the FBI is taking action against forged artworks, and considers it an area of major interest. As the agent in the article states: “Protecting the integrity of America’s art—in all its forms—is a special priority for the FBI and our dedicated Art … Read More

Considering Investing in Fine Art? Some Things You Should Know….

KatherineArt Collecting AdviceLeave a Comment

invest in art

SHOULD I INVEST IN ART? Unlike collectors of the past who bought what they liked, art buyers today increasingly consider financial gain in their decision making. The rapid rise in art prices has changed virtually every aspect of collecting. Financial advisors are now focusing on art as an integral part of their client’s portfolios. In fact, a recent survey done … Read More

Rothko Ruling Shows Limits of Art-World Secrecy…and that’s a good thing!

KatherineArt Collecting Advice, Art MarketLeave a Comment

Art Law

This case sheds light to the validity and enforceability of Confidentiality Agreements used in an attempt to protect the anonymity of sellers of fine art. It is encouraging to see that the courts ruled in favor of limiting the coverage of such agreements, and as such, the liability to the counter parties involved in a fine art purchase. As it … Read More

Wealthy Families Wipe Out Tax By Handing Over Art

KatherineUncategorizedLeave a Comment

This article centers around tax law in the United Kingdom, but some of it is applicable to the United States and other countries. Of course, selling-off valuable art pieces is an excellent option for heirs who owe estate taxes and inherit fine art. This was the case in the example below surrounding David Bowie’s estate, and this option is available … Read More

The Art Market and The Tax Man

KatherineUncategorizedLeave a Comment

This is a very informative and interesting article that focuses on New York tax laws in relation to fine art sales and purchases. However, one need not live or transact business in New York to benefit from some the important tax and use rules spelled out herein. What applies in New York is in fact applicable to many, if not … Read More