Weeks after the city of Detroit released its valuation expert report on the value of the full collection of the Detroit Institute of Arts by Artvest Partners, creditors opposed to the city’s plan of adjustment and the “Grand Bargain” within it have released their own appraisal. Not surprisingly, it asserts a significantly higher value of roughly $8.5 billion, more than double the estimate in the city’s report. New York’s Victor Wiener Associates (VWA) has apparently compiled a 50-page appraisal on behalf of Financial Guaranty Insurance Company (the Detroit News and Detroit Free Press have received copies, none are publicly available of which I’m aware). 
Nicholas O'Donnell
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Topics: Victor Wiener Associates, Detroit News, Detroit Institute of Arts, Bankruptcy, Artvest Partners, Detroit Free Press, Financial Guaranty Insurance Company, Detroit Bankruptcy, grand bargain
I took part in a panel discussion at the Sotheby’s Institute on May 27, 2014 entitled “Art Fairs: An Irresistible Force In The Art World?”
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Topics: Eileen Kinsella, Entertainment Arts & Sports Law Section, Kristina Nazarevskaia, Richard, Elizabeth Dee, Events, Edward Winkleman, Art Fairs, Indpendent, New York State Bar Association, Judith B. Prowda, galleryIntell, John Haber, Nicholas M. O'Donnell, ArtNet
As if the Cornelius/Hildebrand Gurlitt saga needed any more complications as the world awaits the official decision by the Kunstmuseum Bern about whether to accept the appointment as Cornelius Gurlitt’s heir, even more artwork has apparently turned up. Der Spiegel, the Frankfurter Allgemeine Zeitung, and the Wall Street Journal have reported that one picture and several sculptures in the very apartment from which the original trove was seized more than two years ago. Among the sculptures are apparently a Degas and a Rodin. Nothing else seems known about the works or their ownership history, or whether they might be among works that Hildebrand Gurlitt sold or acquired as "degenerate" (side note: the Victoria and Albert Museum's copy of the Degenerate Art Action register is currently on display in New York at the Neue Galerie's exhibition of that title. While it is available online, it is most certainly worth a visit before the show ends).
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Topics: Frankfurter Allgemeine Zeitung, Victoria and Albert Museum, Rodin, Cornelius Gurlitt, Schwabinger Kunstfund. Kunstfund München, Gurlitt Task Force, Fall Gurlitt, Gurlitt Collection, Degas, Hildebrand Gurlit, Entartete Kunst, Gurlitt, Restitution, Bavaria, Neue Galerie, Der Spiegel, Wall Street Journal, World War II, Degenerate Art Action, degenerate art, Kunstmuseum Bern, www.lostart.de, Nazi art, Raubkunst
The Washington Business Journal‘s Rebecca Cooper tweeted today from the courtroom today that District of Columbia Superior Court Judge Robert Okun has allowed in part the motion to intervene in the Corcoran Gallery cy prés petition. Reports are that current students of the College of Art + Design, as well as current Corcoran employees were allowed to intervene, while intervention was denied to the organization “Save the Corcoran” and past employees and students.
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Topics: Donn Zaretsky, Deaccession, Washington Business Journal, National Gallery of Art, Save the Corcoran, George Washington University, Lee Rosenbaum, Rebecca Cooper, Cy Pres, Judge Robert Okun, District of Columbia Superior Court, Corcoran College of Art + Design, District Attorney General Irvin Nathan, Trusts, Corcoran Gallery, District of Columbia, Museums
The Washington, DC District Attorney Irvin Nathan has filed his brief concerning the Corcoran Gallery’s cy prés petition to reform the museum and College of Art + Design with the National Gallery of Art and George Washington University. To put it succinctly, “The District supports entry of the Proposed Order because the proposed cy pres relief will allow the Corcoran’s assets to continue to be used in D.C. consistently with the charitable purposes to which they have been dedicated.” The brief also addresses and bears on the question of the “Save the Corcoran” motion to intervene and standing, which will be argued tomorrow (which the underlying petition will not). The DA brief leans heavily on the downside of the alternative: deaccession leading to industry sanction, which may be a little circular.
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Topics: Deaccession, National Gallery of Art, Save the Corcoran, George Washington University, Cy Pres, Corcoran College of Art + Design, District Attorney General Irvin Nathan, Trusts, Corcoran Gallery, District of Columbia, Museums
On February 26, 2014, Representative Jerrold Nadler (D-NY) introduced the “American Royalties Too Act”—House Resolution 4103. HR 4103 was referred to the House Subcommittee on Courts, Intellectual Property, and the Internet on March 20, 2014. There was also an “American Royalties Too Act” introduced in the U.S. Senate by Senator Tammy Baldwin (D-WI) on the same day.
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Topics: Legislation, Resale Royalties, Wm. Lacy Clay (D-MO), Maxine Waters (D-CA), American Royalties Too Act, Chuck Close, Christopher Rauschenberg, droite de suite, Commerce Clause, Julia Halperin, Jerrold Nadler (D-NY), The Art Newspaper, U.S. Senate, Judy Chu (D-CA), HR4103, Louise McIntosh Slaughter (D-NY), Christie's, Ed Pastor(D-AZ), Huffington Post, Intellectual Property and the Internet, Eliot L. Engel([D-NY), Robert Rauschenberg, Mark Pocan (D-WI), Theodore E. Deutch (D-FL), James Moran (D-VA), Senator Tammy Baldwin (D-WI), Copyright, Sotheby's, John Lewis (D-GA), and Sheila Jackson Lee (D-TX), Janice Schakowsky (D-IL), House Subcommittee on Courts, Donna M. Christensen, eBay, Sam Farr (D-CA)
The trustees of the Corcoran Gallery and the Corcoran College of Art +Design have responded to the recent motion by a group of students, faculty, staff, and interested supporters have filed a motion to intervene in the Corcoran’s cy prés petition to merge with the National Gallery of Art and George Washington University. The proposed interveners, led by a group called “Save the Corcoran,” argues that the modification is unjustified and fails to take alternatives into account. More seriously, the motion to intervene accuses the trustees of “peculiar and egregious mismanagement.” We reviewed the motion when it was filed. While it goes over the case against merger, the challenge they face is demonstrating a specific and particular interest not already represented by a party to the case. One never knows, but that seemed unlikely to us. Even if unsuccessful, however, the motion lays out a passionate case against the merger that will be in the record one way or another.
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Topics: Deaccession, National Gallery of Art, Save the Corcoran, George Washington University, Cy Pres, Corcoran College of Art + Design, District Attorney General Irvin Nathan, Trusts, Washington Post, Corcoran Gallery, District of Columbia, Museums
A report by an expert witness designated by the City of Detroit for the upcoming bankruptcy trial has been released concerning the value of the full collection of the Detroit Institute of Arts. The report puts the full collection value at $2.7 to $4.6 billion, but estimates that the price it would fetch if the collection were actually liquidated in the real world would be closer to $1.1 to $1.8 billon, and possibly as little as $850 because of the notoriety that would accompany such a sale. It also supplements an earlier appraisal performed by Christie’s of the most significant objects in the collection.
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Topics: Artvest Partners LLC, Mark Stryker, State of Michigan, Michael Plummer, Judge Rhodes, Christie's, Detroit Institute of Arts, City of Detroit, Detroit Free Press, Detroit Bankruptcy, grand bargain
After months of uncertainty about the future of the Corcoran Gallery of Art in Washington, DC, the Corcoran’s Trustee’s filed a petition on June 17, 2014 for cy pres—to revise the terms of the trust that administers the museum and the Corcoran College of Art + Design. The Corcoran’s financial condition, they argue, make the current situation untenable and in the long run impossible, to sustain. The petition proposes an arrangement with the National Gallery of Art (NGA) for the bulk of the artwork, and with George Washington University (GW) for the college functions, all to sustain the mission of the trust “as nearly as possible.”
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Topics: Frank Gehry, Deaccession, National Gallery of Art, William Corcoran, George Washington University, Philadelphia, Rule 24, Renwick Building, Cy Pres, Washington DC, Flagg Building, Corcoran College of Art + Design, William Flagg, Trusts, Museums, Friends of the Barnes, Corcoran Gallery of Art, intervention, Senator William Clark, Barnes Foundation
Quite by coincidence, two stories we have covered in the last few days have centered around the claims by the heirs of Paul von Mendelssohn Bartholdy, a Jewish banker and art collector who was the target of Nazi persecution before he died in 1935: Julius Schoeps, Edelgard von Lavergne-Peguilhen, and Florence Kesselstatt. Another common thread has been the Bavarian State Paintings Collection (the Bayerische Staatsgemäldesammlung), which is in the news again for possible claims, but this time from heirs of quite a different sort.
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Topics: Paul von Mendelssohn Bartholdy, Fritz Bamberger, Focus, Florence Kesselstatt, Karl Blechen, Karl Ernst Baumann, Julius Schoeps, Dr Alexander Lewin, Germany, Anselm Feuerbach, Hans Sachs, German Advisory Commission for the Return of Cultu, Gurlitt case, Edelgard von Lavergne-Peguilhen, Julius and Clara Freund, Eva Braun, Nürnberger Institut, Johann J. August von der Embde, Stiftung Preussischer Kulturbesitz, 'Stürmer-Bibliothek', Wilhelm Leibl, Jim Tobias, Portrait der Familie von Dithfurth, Restitution, Bavarian State Paintings Collection, Bayerische Staatsgemäldesammlung, Der Spiegel, World War II, Peasant Girl without a Hat and with a White Headcl, Pinakothek der Moderne, Prussian Cultural Heritage Foundation, Austria, Andrea Bambi Mountain Landscape on the Spanish Coa, Jutta Limbach, Washington Principles, Der Stürmer, Welfenschatz, Limbach Commission
