8 October 2018

Art@Law | Constantine Cannon

Europe

Banksy Painting Self-Destructs After Fetching $1.4 Million at Sotheby’s: The British street artist Banksy pulled off one of his most spectacular pranks on Friday night, when one of his trademark paintings appeared to self-destruct at Sotheby’s in London after selling for $1.4 million at auction. 

06.10.2018, The New York TimesBanksy Painting Self-Destructs After Fetching $1.4 Million at Sotheby’s 

06.10.2018, The Financial TimesBanksy painting ‘self-destructs’ on podium in auction prank 

06.10.2018, Antiques Trade GazetteBanksy pranks art market with self destructing picture at Sotheby’s auction  

05.10.2018, The Art NewspaperSotheby’s ‘Banksy-ed’ as painting ‘self-destructs’ live at auction 

Handbags at dawn? Haroon Mirza accuses Louis Vuitton of appropriating his solar sculptures: Two new works by the UK artist Haroon Mirza that are on show at Frieze London, featuring “imitation” Louis Vuitton bags and wallets, come with a pointed message. The installations were created in response to window displays in various cities by the French fashion house that Mirza says are “blatant appropriations” of his solar-powered sculptures. 

06.10.2018, The Art Newspaper Handbags at dawn? Haroon Mirza accuses Louis Vuitton of appropriating his solar sculptures  

In London, a Frenzied Frieze Week in the Shadow of Brexit: “I wanted to sit between Mrs. May and Mr. Macron,” said the contemporary art dealer Thaddaeus Ropac, recalling the seating arrangements at a brunch he hosted last month in his gallery in Salzburg, Austria, for the leaders of the 28 countries of the European Union. 

05.10.2018, The New York TimesIn London, a Frenzied Frieze Week in the Shadow of Brexit 

Paris court orders US collector to turn over Pissarro painting: The American collector and luxury homebuilder Bruce Toll has been ordered to turn over The Pea Harvest, a painting by Camille Pissarro (1887) that was seized in May 2017 while on loan to the Musée Marmottan in Paris. On Tuesday, 2 October, a Paris court of appeal decided it has to be returned to the heirs of Simon Bauer, whose collection was seized in 1943 by the pro-Nazi Vichy government in France. 

03.10.2018, The Art NewspaperParis court orders US collector to turn over Pissarro painting 

How Nazi-commissioned tapestries ended up in the Louvre’s collection: Nearly 100 of the greatest tapestries produced in the past century are now on display at the Musée National des Gobelins in Paris in the exhibition Au fil du siècle, 1918-2018 (until 4 November). All the exhibits have one thing in common: they were made in Paris by the craftsmen and women who have brought glory to the 350-year-old institution. But one of the objects might make people stop and stare a little more wide-eyed: it is the five-metre-wide Die Fruchtbarkeit (Fertility) designed by Nazi leader Hermann Göring’s favourite painter Werner Peiner, who ran the Reichsmarschall’s pet arts and crafts school in German Kronenburg in the Taunus Mountains.  

01.10.2018, The Art NewspaperHow Nazi-commissioned tapestries ended up in the Louvre’s collection

United States

Guggenheim to return Kirchner painting to heirs of Jewish dealer: The Solomon R. Guggenheim Foundation has agreed to hand over Artillerymen (1915), a German Expressionist painting by Ernst Ludwig Kirchner, to the heirs of Alfred Flechtheim, a German Jewish art dealer who fled the Nazis in 1933, the museum and the heirs, announced Thursday (4 October). 

04.10.2018, The Art NewspaperGuggenheim to return Kirchner painting to heirs of Jewish dealer 

Russian Tycoon Sues Sotheby’s for $380 Million Over Art Deals: Dmitry Rybolovlev, a Russian billionaire and owner of Monaco soccer club, has sued Sotheby’s for at least $380 million, alleging the auction house helped his former art adviser to defraud him. 

03.10.2018, The New York TimesRussian Tycoon Sues Sotheby’s for $380 Million Over Art Deals 

03.10.2018, The Art NewspaperRussian billionaire Rybolovlev sues Sotheby’s for $380m in fraud damages 

05.10.2018, Antiques Trade GazetteSotheby’s refutes $380m fraud claim filed in New York court 

Did Expo Chicago Frieze Itself Out? The Fair Has Built a Valuable Bridge to the Midwest, But New Dates May Have Hurt Sales: Expo Chicago wrapped the seventh edition of its fair and, although the scene was buzzing, the specter of Frieze London, opening in just a few days, loomed large in the background. Many dealers wondered whether Expo’s decision to push its dates back from the middle of September to the end of the month hurt sales. 

01.10.2018, ArtnetDid Expo Chicago Frieze Itself Out? The Fair Has Built a Valuable Bridge to the Midwest, But New Dates May Have Hurt Sales 

28.09.2018, The Art NewspaperAt Expo Chicago, a ‘slow burn’ of interest from collectors 

Art Dealer Sentenced to 18 Months in Prison for Fraud: Ezra Chowaiki was sentenced Thursday in federal court in Manhattan to 18 months in prison and three years of supervised release for defrauding art dealers and collectors of millions of dollars. He was also ordered to give up his interest in more than 20 works of art involved in the fraud, including pieces by Picasso and Alexander Calder. 

27.09.2018, The New York TimesArt Dealer Sentenced to 18 Months in Prison for Fraud 

28.09.2018, ArtnetA Judge Sentences Disgraced Dealer Ezra Chowaiki to 18 Months in Prison for Fleecing High-Profile Art Collectors of Millions 

World

Contemporary art market cools as confidence drops: Is the contemporary art market cooling off? In the first six months of this year, buyer confidence in the contemporary art market has dropped by 24%, despite a 27% increase in contemporary auction sales, finds a new report from the analysis firm ArtTactic. The report suggests this drop is a reflection of broader concerns over economic and political uncertainty—Brexit and President Trump’s trade war with China are cited as major factors—and of fears that the current art market boom is unsustainable. 

06.10.2018, The Art NewspaperContemporary art market cools as confidence drops 

Interested in a square inch of a Warhol? Fractional ownership hits the art market: Asset tokenisation. Fractional ownership. Hedging. Derivatives. The terms and processes of the money world are increasingly washing into the art market, as financiers and tech wizards seek ways of cashing in on the enormous profits that, they say, can be generated by art. 

04.10.2018, The Art NewspaperInterested in a square inch of a Warhol? Fractional ownership hits the art market

NOTE: Please note that most excerpts come from the original publication and any credit must go to the author of the publication, not to Constantine Cannon LLP.  Any views or opinions expressed in the excerpts and/or articles belong solely to the author of the publication.  Constantine Cannon LLP does not approve or endorse any view or opinion contained therein.  Due to some copyright restrictions, please doot redistribute this email without our consent.  Should you like to include someone in the mailing list, please let us know.  We will be happy to do it! If you do not wish to receive the Art Law News Update, please unsubscribe through the link below.