10 September 2021

Art@Law | Constantine Cannon

Europe

Shredded Banksy artwork goes back under the hammer: A Banksy painting that partially shredded itself after being sold at auction is going back under the hammer. The subversive street artist stunned the art world when his Girl With Balloon attempted to self-destruct in London in 2018 immediately after the conclusion of the auction.

03.09.2021, The Guardian: Shredded Banksy artwork goes back under the hammer

03.09.2021, The Art Newspaper: Banksy’s £1m self-destructing painting goes back to auction—and could sell for six times the price

Art world rushes to conform to UK’s anti-money laundering laws: The UK’s implementation of the EU’s fifth Money Laundering Directive required art market participants (AMPs—those dealing in transactions equivalent to €10,000 or above) to register by 10 June 2021, after regulations were first introduced in 2020. Despite this lengthy lead in, HMRC data shows that 50% of participants were registered between April and June 2021, with 20% registered in the final month. 

03.08.2021, The Art Newspaper: Art world rushes to conform to UK’s anti-money laundering laws

Max Liebermann’s heirs compensated for Nazi-looted painting: A German foundation, which holds Liebermann’s portrait of his wife and two other works from the Jewish artist’s collection, will retain them but is paying a settlement.

02.08.2021, The New York Times: Max Liebermann’s heirs compensated for Nazi-looted painting

United States

The ranking member of the House Oversight Committee is demanding Hunter Biden’s art dealer make the artist’s sales public: This week, the ranking minority member of the House Oversight Committee, Representative James Comer from Kentucky, sent a letter to Biden’s New York dealer urging him to share information about the artist’s sales. He, like others in his party, claim that lobbyists, foreign state officials, and other potential bad actors might use Biden’s work as a way to curry favor with the White House. 

08.09.2021, Artnet: The ranking member of the House Oversight Committee is demanding Hunter Biden’s art dealer make the artist’s sales public

Virginia Supreme Court rules for removal of Robert. E. Lee monument: The Virginia Supreme Court has ruled that a statue of General Robert E. Lee that has stood in the state capital for more than a hundred years can be taken down. The ruling responded to two separate lawsuits seeking to protect the twenty-one-foot-high bronze sculpture, which looms over Richmond’s Monument Avenue from atop a forty-foot-high pedestal set inside a traffic circle and depicts the Confederate army leader astride a horse and clad in full military regalia.

03.08.2021, Artforum: Virginia Supreme Court rules for removal of Robert. E. Lee monument

World

NFTs transform the art market for young novice buyers: A selling point of NFT funds is the reassurance they give to those investors who are prepared to trust blockchain in principle. Encrypted, and thus essentially indelible, they cannot themselves be lost, destroyed by fire or faked. It is still possible, of course, that the underlying artwork turns out to be fake — here the buyers must trust the gallery and its authenticators, as they must with conventional art funds. But if they are sure of the authentication, investors who trust bitcoin will have faith in the value of the NFT.

09.08.2021, The Financial Times: NFTs transform the art market for young novice buyers

Choose your unicorn: Why angel investors are ploughing millions into art startups: The tech art market has joined the realms of angels and unicorns. Such fantastical terminology should ring alarm bells when it comes to multi-million investment schemes but is in fact the familiar language of high-risk, high-return startups now proliferating in the art world.

07.09.2021, The Art Newspaper: Choose your unicorn: Why angel investors are ploughing millions into art startups

Art fairs go from famine to feast: After 18 months of cancelled and postponed art fairs, the market has gone from famine to feast for the autumn season. Events this week include Cosmoscow, Art Paris and Photo London plus the Armory Show and Independent fairs in New York. As if these weren’t enough, there’s the prospect of four major events within a few weeks of each other in Europe: the postponed Art Basel runs September 24-26; Frieze London and Frieze Masters are due back in Regent’s Park on October 13-17; and Fiac in Paris falls the following week.

02.09.2021, The Financial Times: Art fairs go from famine to feast

Joining plastic, glass and metal on the recycle list: fake art: Experts say discredited works of art often resurface on the market again and again, in part because their owners just won’t take no for an answer.

01.09.2021, The New York Times: Joining plastic, glass and metal on the recycle list: fake art

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