Major creditors of the city of Detroit filed a request in the bankruptcy proceeding to hasten the process of evaluating the value of the collection of the Detroit Institute of Arts. The motion raises a few questions, but fundamentally it is off-base: in a municipal bankruptcy the creditors are never going to be able to force the sale of DIA's art. It will ultimately be, as it has always been, the decision of the city through its emergency manager Kevyn Orr. Significantly, though, this is the first actual filing in the bankruptcy related to DIA.
Detroit Creditors Press Bankruptcy Court for Action on Sale of Detroit Institute of Arts Collection, Motion Likely Premature and Unfounded
Posted by
Nicholas O'Donnell on November 27, 2013 at 9:11 AM
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Topics: Syncora Guarantee Inc., NORD/LB Covered Finance Bank S.A., City of Detroit Retirees, 11 U.S.C. § 904, Syncora Capital Assurance Inc., Dexia Crédit Local, FMS-WM Service, Christie's, valuation, Ambac Assurance Corporation, Appraisal, Detroit, Detroit Institute of Arts, Bankruptcy, FMS Wertmanagement, DIA, Erste Europäische Pfandbrief-und Kommunalkreditban, Hypothekenbank Frankfurt International S.A., Dexia Holdings, Michigan Council 25 of the American Federation of, AFL-CIO and Sub-Chapter 98, Kevyn Orr, Hypothekenbank Frankfurt AG, Financial Guaranty Insurance Company, Detroit Bankruptcy, National Association
Proposed Legislation in New York Would Help Shield Authentication Experts from Liability
Posted by
Nicholas O'Donnell on November 11, 2013 at 6:34 AM
At Friday's Art Law Day at the annual meeting of the Appraisers Association of America, Judith Bresler gave the keynote address on the topic of the complications created by prosective liability for authentication experts. As prominent cases ranging from the Knoedler forgeries to the decision by the Warhol Foundation and others to cease authenticating works have shown, the opinion of experts as to whether a work of art is indeed by a particular artist is a recurring and important issue. Not only do transactions worth tens of millions of dollars rest on that authentication, absent a robust exchange of opinions about authorship, frauds and forgeries are actually encouraged. As it stands, many qualified authenticators and experts have simply judged that giving an opinion is too great a risk to facing a defamation, fraud, or negligence claim, on which they will usually prevail but only after great expense. As Bresler said, “when authenticators are afraid to practice their profession, it has a far reaching effect.”
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Topics: Legislation, Knoedler, authentication, Knoedler forgeries, Warhol Foundation, Art Law Day, Appraisal, Appraisers Association of America, New York City Bar Association, Judith Bresler
Appraisers Association of America Art Law Day at New York University November 8, 2013
Posted by
Nicholas O'Donnell on October 22, 2013 at 6:21 AM
The Appraisers Association of America is hosting its annual Art Law Day on November 8, 2013 at the Kimmel Center at NYU. The schedule, from the event page, is below. This is always a content-packed and thought-provoking day. They keynote address about legislation for authentication experts should be fascinating, and is particularly timely. See you there!
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Topics: Karen Sanig, Yuri Yanchyshyn, AXA Art Insurance Corporation, Christopher Robinson, New York University, ARIS Title Insurance Corporation, Steve Pincus, GV Art Conservation, John Cahill, Theresa Melchiorre, Citi Commercial Bank, Art Law Day, Judith Pearson, DePaul University of Law, Yael Weitz, Chris Marinello, Ralph Lerner, David Gorenberg, Appraisal, Jill Arnold, Laurie Rush, Betty Krulik, Events, Simon Hornby, DeWitt Stern Group, Elizabeth von Habsburg, iGavel Auctions, Herrick Feinstein LLP, Appraisers Association of America, Terry Shtob, Art Recovery International, Lark Mason, IRS, Crozier Fine Arts, Mishcon de Reya, Patty Gerstenblith, Dean Nicyper, Winston Art Group, Period Furniture Conservation LLC, Michael McCoullough LLC, Withers Bergman LLP, Gloria Velandia, Judith Bresler
Art Law Day at NYU Next Friday, November 9, 2012
Posted by
Nicholas O'Donnell on October 31, 2012 at 9:23 AM
Although this week's Restitution and Repatriation conference at DePaul was washed out by Hurricane Sandy, another terrific event is on the horizon next week. "Art Law Day" at New York University, hosted by the Appraisers Association of America, will be held on November 9, 2012 at NYU's Kimmel Center. The condensed schedule from the event's website is below. Wishing everyone in New York continued safety, we hope to see you there.
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Topics: Yuri Yanchyshyn, AAA, John Cahill, Donn Zaretzky, Inc., Art Law Day, Jane C. H. Jacob, ARIS, Ralph Lerner, Appraisal, Events, Elizabeth von Habsburg, Jacob Fine Art, Appraisers Association of America, Restitution and Repatriation, IFAR, Kimmel Center, connoisseurship, Winston Art Group, Gloria Velandia, Sharon Flescher, Judith Bresler
