David Nahmad Denies Modigliani Painting Is Nazi Loot: Art world supremo David Nahmad has spoken out about the scandal surrounding his Amedeo Modigliani painting Seated Man with Cane (1918), denying claims that the work is Nazi loot.
13.06.2016, Artnet News: David Nahmad Denies Modigliani Painting Is Nazi Loot
12.06.2016, The New York Times: Owner of a Modigliani Portrait Is Adamant the Work Isn’t Nazi Loot
12.06.2016, Thelocal.ch: Panama Papers painting plot thickens
Protest at new EU proposals to tackle looters and a ‘potentially misleading’ survey: Industry bodies have protested at EU proposals to tackle illicit trading in cultural goods that they say could damage the entire UK art and antiques market. They also say that they have not been consulted in the planning process.
09.06.2016, Antiques Trade Gazette: Protest at new EU proposals to tackle looters and a ‘potentially misleading’ survey
‘Vital changes’ needed to looted art bill as dealers says definition of ‘cultural property’ is too vague: The UK Government’s cultural property bill currently going through parliament needs “vital changes” to be workable and to safeguard “legitimate art market interests”, says the Antiquities Dealers’ Association (ADA).
13.06.2016, Antiques Trade Gazette: ‘Vital changes’ needed to looted art bill as dealers says definition of ‘cultural property’ is too vague
Experts help Geneva free port crack down on stolen loot: Geneva’s free port plans to employ independent specialists this summer in an attempt to prevent valuable antiques looted from Syria and other war zones ending up in its warehouses.
08.06.2016, Swissinfo.ch: Experts help Geneva free port crack down on stolen loot
Austrian Supreme Court Accuses Franz West Private Foundation Of Embezzlement: In the ongoing legal feud over the estate of the Austrian artist Franz West, the Austrian Supreme Court has dismissed the board of the Franz West Private Foundation, which currently controls the artist’s estate. The court found that the three person board paid themselves “suspicious” six figure sums in 2012.
14.06.2016, Artnet News: Austrian Supreme Court Accuses Franz West Private Foundation Of Embezzlement
Musée Girodet Masterpieces Damaged as Storage Vault Is Affected by Floods: Last week’s floods in France, which caused the emergency closure of both the Musée Louvre and Musée d’Orsay in Paris, have also deeply affected the Musée Girodet in the city of Montargis.
10.06.2016, Artnet News: Musée Girodet Masterpieces Damaged as Storage Vault Is Affected by Floods
Louvre Museum reopens as France flood damage bill tops €1bn: The world-famous Louvre and d’Orsay museums reopened their doors to the public on Wednesday as French insurance companies announced their initial estimates for the cost of the natural disaster.
08.06.2016, France24: Louvre Museum reopens as France flood damage bill tops €1bn
Meet the man at the centre of the Cranach mystery: Hardly anyone in the art world had ever heard of Giulano Ruffini. Until now. Born in France to a family of Italian immigrants, Ruffini, 71, says he once owned paintings that were subsequently sold for millions by dealers and auction houses in London, Paris, New York or Milan. One of them is the Venus with a Veil (1531) attributed to Lucas Cranach. It was seized at an exhibition in the south of France on 1 March, on suspicion that it is a forgery.
09.06.2016, The Art Newspaper: Meet the man at the centre of the Cranach mystery
Could Long-Lost Amber Room Be Stashed in a Nazi Bunker in Poland?: There is perhaps no lost-treasure mystery more seductive than that of the priceless Amber Room of Peter the Great, which disappeared in the chaotic closing hours of World War II. Now Bartlomiej Plebanczyk, an unassuming historian and museum director in northeastern Poland, believes he has found it.
10.06.2016, The New York Times: Could Long-Lost Amber Room Be Stashed in a Nazi Bunker in Poland?
Art Market Forecast: A Hazy Summer: The art world traditionally descends on Europe in June, first for Art Basel, widely regarded as the essential fair for collectors, then on to London for the summer auctions.
13.06.2016, The Art Newspaper: Art Market Forecast: A Hazy Summer
14.06.2016, Artnet News: In a Shaky Market, Art Basel 2016 Delivers Impressive Sales
14.06.2016, Swissinfo.ch: Basel’s Billionaire Magnets Test Art Market After Weak Auctions
10.06.2016, The Art Newspaper: Russian art sales continue to tumble
The market for monumental art: who’s buying?: Art Basel’s Unlimited sector displays work too large for most fairs. But who collects it?
13.06.2016, The Financial Times: The market for monumental art: who’s buying?
HEAR Act: Senate Judiciary Committee Considers Nazi-Looted Art Statute of Limitations Bill: The Senate Judiciary Committee held a hearing this week on the Holocaust Art Recovery Act (the “HEAR Act”) that drew welcome attention to the ongoing challenges to the restitution of Nazi-looted art.
09.06.2016, Art Law Report: HEAR Act: Senate Judiciary Committee Considers Nazi-Looted Art Statute of Limitations Bill
09.06.2016, World Tribune: 70 years after the Holocaust, art stolen by Nazis still on display in U.S. museums
Sotheby’s Is Paying Buyers to Bid on Its Artwork: Sotheby’s was in a bind. The auction house had won several top consignments for its bellwether spring auction, including a Jean-Michel Basquiat that sold for $7.4 million four years ago, by guaranteeing the sellers minimum prices. But as volatile financial markets sent jitters through the art world, Sotheby’s faced the prospect of owning the work if it failed to sell. In the weeks leading up to its May 11 auction, the company began pitching a new perk to potential buyers: a fixed fee to those who agree, before the auction even starts, to make at least a minimum bid.
14.06.2016, Bloomberg: Sotheby’s Is Paying Buyers to Bid on Its Artwork
Significant Revisions Made to NYC Landmarks Law: On June 8, 2016, the New York City Council approved measures to establish deadlines for reviews on sites considered for landmark status
14.06.2016, Art Forum: Significant Revisions Made to NYC Landmarks Law
Will the LA art market overtake NY?: Within the past 5-10 years, all eyes have been on Los Angeles as the new hot-spot for exciting growth in the art market.
10.06.2016, Huffington Post: Will the LA art market overtake NY?
Korean Art Dealer Indicted for Forged Lee Ufan Paintings: South Korean authorities have indicted an art dealer for selling $1.1 million in forged canvases supposedly by the South Korean artist Lee Ufan. In an ongoing investigation, authorities have determined that the dealer, named only as Hyeon, may have commissioned as many as 50 forgeries.
08.06.2016, Artnet News: Korean Art Dealer Indicted for Forged Lee Ufan Paintings
Gaddafi’s jewel-encrusted dagger, worth millions, seized in Istanbul raid: Turkish police seized a jewel-encrusted ivory dagger said to have belonged to Libya’s former leader Muammar Gaddafi. The dagger, studded with sapphires, emeralds and diamonds, was looted from Gaddafi’s palace during the Libyan revolution.
14.06.2016, Middle East Eye: Gaddafi’s jewel-encrusted dagger, worth millions, seized in Istanbul raid
U.S. Returns 200 Artifacts Worth $100 Million To India: The U.S. today returned to India over 200 stolen cultural artifacts, some dating back 2,000 years, estimated at USD 100 million, with Prime Minister Narendra Modi describing the cultural heritage as a great binding force in bilateral relationships.
11.06.2016, Thelinkpaper.com: U.S. Returns 200 Artifacts Worth $100 Million To India
09.06.2016, The New Indian Express: The ‘idol’ man’s expert guide to temple art
What growth potential do online auctions have in India? Experts weigh in: Dinesh Vizarni, co-founder of Saffronart, the auction house that pioneered online bidding in India and also runs StoryLTD for sale of online collectibles, says the high resolution images of artworks on the site saves buyers the trouble of visiting a gallery to inspect them.
11.06.2016, dnaindia.com: What growth potential do online auctions have in India? Experts weigh in
Hidden antiquities stash discovered in diplomatic car travelling from Jordan to Jerusalem: The Israel Tax Authority announced Monday, 6 June, that a driver for the Norwegian Royal Embassy to Israel, Issa Najam, was arrested last week for alleged antiquities smuggling—in an embassy vehicle from Norway’s representative office to the Palestinian Authority.
08.06.2016, The Art Newspaper: Hidden antiquities stash discovered in diplomatic car travelling from Jordan to Jerusalem
Further below are the final results from the Professional Advisors to the International Art Market (PAIAM) UK Members Poll – June 2016. The response has been overwhelmingly in support of the UK staying in the EU.
FINAL POLL RESULTS
Should the United Kingdom remain a member of the European Union or leave the European Union?
What impact do you think a potential Brexit would have for the UK art market?
Response rate: 45%
Members comments to the above question:
WHY BREXIT will have a Negative impact on the UK Art Market (reasons given):
- Any EXIT would of course undermine the overall influence that the UK has worldwide. In my view any thought of a Brexit is total madness.
- Numerous: economic uncertainty; less fluid movement and interaction with the rest of Europe; less privileged status; also perceptions from Europeans. Also have strong ideological reasons: Britain is part of Europe!
- Import tariffs being created between UK and other member states.
- Increased VAT, excise and customs duties on import and export. Will make London less attractive as a point of first entry into the EU for artworks (because of present system of reduced rate of VAT in UK which enables artwork to access EU market without further EU VAT – often at higher rates).
- Reduced freedom of movement for artworks across Europe will inhibit UK art market growth. As second largest art market in world, we can’t afford to lose that position again.
- Loss of access to the free market.
- The economic downturn that would immediately ensue might shift trade to other art centres like New York.
- Economic stability.
- Uncertainty. Need to be at the “Top Table”.
- The cost of Brexit will be high. Taxes will go up. Wealthy collectors will leave the UK. There will be even less funding available to the arts.
- The prospect of exit from the EU into a completely unknown and unplanned territory would undoubtedly have negative effects economically. These effects would certainly affect also the art market.
- Loss of access to major world market place, which is the EEA; and loss of USA business investment in the UK as its favoured entry point to EU.
- It would make trade with our closest neighbours more difficult, harder to get the international staff that is needed, and ultimately it would make us financially worse off so the domestic market would suffer too. There are no advantages, just nostalgia for an Empire long gone.
- Restrictions on free movement of people in an international market with a high European content. Adverse effects on the UK economy. These outweigh any possible benefits in VAT law droit de suite or repatriation of cultural property under the EU Directive.
- The erosion of institutional and other links with Europe.
- Recent collector concerns about the macro/geopolitical environment have already led to a slow down. A vote to leave will likely cement that negative sentiment.
- UK would no longer be the preferred entry point for works into Europe. Buying in the UK could become less attractive for EU purchasers.
WHY BREXIT will have a Neutral impact on the UK Art Market (reasons given):
- London is already the main centre of the art market in Europe and will remain so even if the UK leaves the EU.
- Leading galleries source much work from the US and China. Given the reputation of the UK market, particularly London, it is hard to see that a different marketplace in Europe would provide a great challenge.
- Actually, I don’t claim to know. But no-one else knows either. And I believe no account is taken by those who support “Remain” of the negative impact of being part of the EU when it continues to try to prop up the doomed Euro project.
- EU remains an overly bureaucratic and interfering body. They now wish to introduce EU wide import controls on works they consider of cultural significance. We have our own laws on this. This will further drive business to outside the EU.
- Pros and cons for this particular market if we leave – hard to be certain as any exit has a plethora of unknowns.
- Much of the art trade takes place outside Europe; there will probably be benefits and drawbacks which may well cancel out; also too early to say – would depend on the terms of exit negotiated.
- Economies are mutually dependent and will ultimately adjust, nevertheless ideologically I would prefer to remain.
WHY BREXIT will have a Positive impact on the UK Art Market (reasons given):
- Reduction in red tape and laws drawn up for the benefit of other member states at the expense of the UK. An end to broken promises by the Commission and Council of Ministers regarding global harmonisation of EU-inspired regulation.
- Despite people’s concerns about the UK economy, I believe that the economies of Italy and France are much worse, so looking to the future, I think we’d be better off without the financial obligation of supporting such indebted countries.
- London will remain a very important art market regardless of being in or out of the EU. If anything we will have greater “offshore” opportunities available for us and we can set our own import duty rules.
I am bullish if UK leaves – there will be initial shock to the system which will result in slow-down as things stablise, however over medium to longer term, UK will become an independent power and viable global economic alternative – with new/as well as existing/re-negotiated trade and economic relationships.
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