14 September 2020

Art@Law | Constantine Cannon

Europe

Keeping it in the family: Charles Saatchi’s daughter to open huge London gallery: The 26-year-old daughter of the former advertising mogul and collector Charles Saatchi is taking the reins of the family business and opening a sprawling, 10,000 sq.ft gallery in the heart of Mayfair on 15 October. With the help of her father, and undeterred by Brexit and the coronavirus pandemic, Phoebe Saatchi Yates and husband Arthur Yates have been preparing for the launch for the past three years.  

10.09.2020, The Art NewspaperKeeping it in the family: Charles Saatchi’s daughter to open huge London gallery  

Government’s latest crackdown on social gatherings does not impact trade of art and antiques: Prime minister Boris Johnson confirmed the new restrictions and said: “We are working flat out to address all the issues confronting us today in trying to get the infection rate down.” In a press conference last Wednesday afternoon (September 9) Johnson also confirmed “education and work settings are unaffected” by the new rules so “gatherings for work or education purposes” are still able to go ahead. 

09.09.2020, The Antiques Trade GazetteGovernment’s latest crackdown on social gatherings does not impact trade of art and antiques  

French art museums get a big boost from the government’s new $2.4 billion rescue package for the culture sector: The French culture sector is getting a reprieve from the ongoing lockdown losses thanks to a recently unveiled government plan to dedicate €2 billion to culture as part of a broader recovery effort. In 2018, the culture sector of France’e economy accounted for nearly 2.3 percent of its gross domestic product, according to government statistics shared last week, and included 80,000 mostly small and medium-size businesses, as well as 670,000 jobs, or 2.5 percent of the working population. 

08.09.2020, ArtnetFrench art museums get a big boost from the government’s new $2.4 billion rescue package for the culture sector

United States

Magnum photographer Alec Soth accused of plagiarism by Chicago artist Tonika Johnson: The American Magnum photographer Alec Soth has been accused by Tonika Lewis Johnson, a Chicago-based documentary photographer, of copying her trademarked photography series for a New York Times commission. 

09.09.2020, The Art NewspaperMagnum photographer Alec Soth accused of plagiarism by Chicago artist Tonika Johnson  

Will US Congress finally pass anti-money laundering legislation?: A recent report by a US Senate Subcommittee declared that the international art market is “the largest, legal unregulated industry in the United States”. And as Congress returns after its August recess, there could be renewed pressure to pass anti-money laundering legislation that has languished over the past year. 

08.09.2020, The Art NewspaperWill US Congress finally pass anti-money laundering legislation?  

11.09.2020, ApolloThe US art market must demonstrate its integrity – or further regulation is a certainty  

US tariffs on Chinese art take effect as New York auction series begins: As part of an ongoing trade war with China, certain Chinese goods, including works of art, are now taxed on entry to the US, regardless of the port of origin. Auction houses and the trade fought the planned tariffs last year and temporary exemptions were confirmed for seven of the eight art categories in July, allowing consignments for the autumn round of sales in New York to avoid this extra cost. However, this grace period ended on September 1, meaning future consignments will now be subject to a 7.5% tariff. 

07.09.2020, The Antiques Trade GazetteUS tariffs on Chinese art take effect as New York auction series begins  

07.09.2020, The Antiques Trade GazetteNew York’s Asian art auction series aims to keep the show on the road in wake of Covid and tariffs 

Robinhoods of the art world lure scores of investors in pandemic: New offerings kept coming over the summer: Banksy, George Condo, Zao Wou-Ki. A New York startup that allows investors to buy a tiny stake in paintings by world-class artists for just $20 has seen a surge in demand during the pandemic, according to its founder, and has bought 15 artworks since the onset of Covid-19 to feed their appetite. A recent $1.52 million initial public offering of a piece by the American graffiti artist KAWS sold out in a few hours. 

05.09.2020, The Wall Street JournalRobinhoods of the art world lure scores of investors in pandemic

World

Hot property: how three art galleries might ‘wake up the auction houses in a big way’: Auction houses have always competed doggedly against one another for estates. With the growth of mega-galleries and a recent example of collaboration between them, they may see greater competition from the dealer sector as well. It was big news when, this past February, a mega-dealer trio—Acquavella, Gagosian, and Pace—teamed up to sell the collection of financier and former MoMA board president Donald B. Marron, rich with Picassos, Twomblys, Rothkos, and de Koonings. Totaling some 300 works, the collection was estimated at around $450 million; the Wall Street Journal reported that the Big Three auction houses promised Marron’s widow, Catherine, $300 million, and Eleanor Acquavella confirmed that the trio paid an up-front guarantee. Very quickly, big-ticket works began to disappear into new hands, perhaps not to be seen for years. (In a recent interview with WSJ Magazine, Arne Glimcher, Pace’s founder, revealed that since the lucrative Marron sale the three dealers call their collaboration “AGP,” and will work together further in attracting estates.) 

10.09.2020, Art NewsHot property: how three art galleries might ‘wake up the auction houses in a big way’ 

10.09.2020, ArtnetArt industry news: Pace, Gagosian, and Acquavella have formed an ongoing alliance to take on the big auction houses + other stories 

Art market report shows the severe impact of Covid-19: Art gallery sales fell by an average 36 per cent in the first half of this year, finds the first comprehensive analysis of the impact of Covid-19 on this sector, published by Art Basel and UBS last Wednesday.  

09.09.2020, The Financial TimesArt market report shows the severe impact of Covid-19  

09.09.2020, ArtnetMillennials are more interested in buying art than ever—and 5 other takeaways from a new Art Basel report on the state of the market

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