Last year’s biggest art law story was, in our view the Detroit bankruptcy. Nathan Bomey, who along with Mark Stryker formed the essential reporter team on up-to-the-minute updates on the proceedings, interviewed Bankruptcy Judge Steven Rhodes in the Detroit Free Press. The interview speaks for itself, but the highlights to me were:
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Topics: Judge Rosen, Mark Stryker, Chapter 9, Syncora Capital, Financial Guaranty Insurance Co., Judge Rhodes, Christie's, valuation, Detroit, Detroit Institute of Arts, Bankruptcy, Nathan Bomey, Detroit Free Press, Museums, Detroit Bankruptcy, grand bargain
Several weeks ago, the parties to the appeal over the constitutionality of the California Resale Royalty Act (CRRA) briefed the question about whether the Ninth Circuit Court of Appeals should hear the case, rather than a three-judge panel that would otherwise be assigned to the case. The Ninth Circuit granted the petition yesterday, meaning the appeal will now go before the full court.
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Topics: Legislation, Foie Gras, 538 U.S. 644, N. Randy Smith, 729 F.3d 937, Auction Houses, California Health & Safety Code § 25982, Chuck Close, 730 F.3d 1070, Moral Rights, Commerce Clause, Affordable Care Act, Ass’n des Eleveurs de Canards et d’Oies du Quebec, Judge Jacqueline H. Nguyen, Jerrold Nadler, Christie's, Research & Mfrs. of Am. v. Walsh, California Resale Royalties Act, Ethanol, Dormant Commerce Clause, 491 U.S. 324, U.S. Constitution, Copyright, royalties, Garcia, Ninth Circuit, Cal. Code Regs. tit. 17 §§ 95480–90, Sotheby's, Rocky Mountain Farmers Union v. Corey, Healy v. Beer Inst., Ferdinand F. Fernandez, eBay, Google, Mary H. Murguia
Art Law Day at the Appraisers Association of America’s annual conference is next Friday, November 7, 2014 at NYU's Kimmel Center. Sullivan & Worcester LLP will be sponsoring the event as a Friend of Art Law Day this year, about which we are very excited.
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Topics: The Changing Laws for the Sale of Endangered Speci, Monica Kreshik, NYU SCPS, International Director of Restitution, The Frick Collection, miGavel Auctions/Lark Mason Associates, Resale Royalties, Pollock-Krasner Foundation, Betty Krulik Fine Art Limited, American Royalties Too Act, Michael McCullough, Pearlstein & McCullough LLP, authentication, IRS/Tax Free Exchange, Richard Levin, New York University, American Alliance of Museums, Suzanne Goldstein Baker, U.S. Fish & Wildlife Service, Cravath Swaine & Moore LLP, Art Law Day, Department of Environmental Conservation, Ulf Biscof, New Legislation for Authentication Experts, Baker Tilly Virchow Krause LLP, Jerrold Nadler, Christie's, Appraisal, Detroit Institute of Arts, Amy Goldrich, Betty Krulik, Restitution, Randi Schuster, Events, Christopher Marinello Art Recovery International L, Cahill Partners LLP, Elizabeth von Habsburg Winston Art Group, Monica Dugot, Copyright, Appraisers Association of America, Marianne Rosenberg, Terry Shtob, Antiquities, Ford W. Bell, Craig Hoover, Bankruptcy and the Detroit Institute of Arts, Lark Mason, Kimmel Center, Wildlife Trade and Conservation Branch, Detroit Bankruptcy, Diane Wierbicki, Investment Property Exchange Services, Samuel Sachs II, Biscof & Paetow Rechtsanwälte, Withers Bergman LLP, Judith Bresler, Paul Rosenberg
I enjoyed a terrific panel discussion organized by Volunteer Lawyers for the Arts in New York Tuesday evening at Herrick, Feinstein LLP. Entitled "Saving Africa’s Elephants Changing the Art Scene," the panel addressed the ramifications of this year’s Director’s Order that banned the import of African Elephant ivory for any commercial use, and restricted even further non-commercial use.
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Topics: David Freudenthal, Pearlstein and McCullough, Volunteer Lawyers for the Arts, iGavel, Michael McCullough, Saving Africa’s Elephants Changing the Art Scene, Frank Lord, US Fish and Wildlife Service, Christie's, Hartley Waltman, Carnegie Hall, Events, ivory ban, Herrick Feinstein LLP, Craig Hoover, Lark Mason, Customs, New York
Art Law Day at the Appraisers Association of America’s annual conference is now less than a month away. Held at the NYU Kimmel Center, this year’s event will be held on Friday November 7, 2014. Sullivan & Worcester LLP is excited to be a Friend of Art Law Day this year.
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Topics: Legislation, The Changing Laws for the Sale of Endangered Speci, Monica Kreshik, NYU SCPS, International Director of Restitution, The Frick Collection, miGavel Auctions/Lark Mason Associates, Resale Royalties, Pollock-Krasner Foundation, Betty Krulik Fine Art Limited, American Royalties Too Act, Michael McCullough, Pearlstein & McCullough LLP, authentication, IRS/Tax Free Exchange, Richard Levin, New York University, American Alliance of Museums, Suzanne Goldstein Baker, U.S. Fish & Wildlife Service, Cravath Swaine & Moore LLP, Art Law Day, Department of Environmental Conservation, Ulf Biscof, New Legislation for Authentication Experts, Baker Tilly Virchow Krause LLP, Christie's, Appraisal, Detroit Institute of Arts, Amy Goldrich, Betty Krulik, Restitution, Randi Schuster, Events, Christopher Marinello Art Recovery International L, Cahill Partners LLP, Elizabeth von Habsburg Winston Art Group, Monica Dugot, Appraisers Association of America, Marianne Rosenberg, Terry Shtob, Ford W. Bell, Craig Hoover, Bankruptcy and the Detroit Institute of Arts, Lark Mason, Kimmel Center, Wildlife Trade and Conservation Branch, Detroit Bankruptcy, Diane Wierbicki, Investment Property Exchange Services, Samuel Sachs II, Biscof & Paetow Rechtsanwälte, Withers Bergman LLP, Judith Bresler, Paul Rosenberg
After Syncora Capital settled its objections to the Detroit bankruptcy plan of adjustment, it looked like the battle over the Detroit Institute of Arts collection would subside. Not so fast, it turns out. A major contest looms next week with a remaining creditor, Financial Guaranty Insurance Corporation, over the valuation of the collection. Just to recap, the creditors (including both Syncora and FGIC) submitted a valuation of the entire DIA collection that put the value between $8 billion, performed by Victor Wiener Associates, while DIA and the city advanced an appraisal by Artvest Partners and Michael Plummer (who testified last week) putting it at closer to $2.4 billion (after an initial appraisal by Christie's of only part of the collection).
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Topics: Chapter 9, Syncora Capital, Financial Guaranty Insurance Co., Judge Rhodes, Christie's, valuation, Appraisal, Detroit, Detroit Institute of Arts, Bankruptcy, Detroit Free Press, Museums, Detroit Bankruptcy, grand bargain
The defendants in the case on appeal over the constitutionality of California’s Resale Royalty Act have just briefed the court’s question about whether the full court should rehear the case. Responding to an order that the parties explain whether the case conflicts with recent Ninth Circuit precedent, Christie’s, Sotheby’s, and eBay all argued emphatically that no conflict justifies reinstating the law that a District Court struck down in 2012.
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Topics: Legislation, Foie Gras, Resale Royalties, 538 U.S. 644, N. Randy Smith, 729 F.3d 937, Auction Houses, California Health & Safety Code § 25982, Chuck Close, 730 F.3d 1070, Moral Rights, Commerce Clause, Affordable Care Act, Innocence of Muslims, Ass’n des Eleveurs de Canards et d’Oies du Quebec, Judge Jacqueline H. Nguyen, Christie's, Research & Mfrs. of Am. v. Walsh, California Resale Royalties Act, Ethanol, Dormant Commerce Clause, 491 U.S. 324, U.S. Constitution, Copyright, royalties, Garcia, Ninth Circuit, Cal. Code Regs. tit. 17 §§ 95480–90, Sotheby's, Rocky Mountain Farmers Union v. Corey, Healy v. Beer Inst., Ferdinand F. Fernandez, eBay, Google, Low Carbon Fuel Standard, Mary H. Murguia
Volunteer Lawyers for the Arts has organized an interesting panel presentation and discussion on October 14, 2014 that will be held at Herrick, Feinstein LLP in New York. From the event description (online registration available):
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Topics: David Freudenthal, Pearlstein and McCullough, Volunteer Lawyers for the Arts, iGavel, Michael McCullough, Saving Africa’s Elephants Changing the Art Scene, Frank Lord, US Fish and Wildlife Service, Christie's, Hartley Waltman, Carnegie Hall, Events, ivory ban, Herrick Feinstein LLP, Craig Hoover, Lark Mason, Customs, New York
After months of bitter fighting over the so-called Grand Bargain to infuse the Detroit bankruptcy with hundreds of millions of dollars from (among others) the State of Michigan, the Community Foundation for Southeast Michigan, the Kresge Foundation, the Ford Foundation, the John S. and James L. Knight Foundation, the William Davidson Foundation, the Fred A. and Barbara M. Erb Family Foundation, the Hudson-Webber Foundation, the McGregor Fund, and the Charles Stewart Mott Foundation to keep the collection of the Detroit Institute of Arts out of discussion for any sale or use as collateral, the Grand Bargain’s fiercest opponent has announced an agreement with the city and the withdrawal of its opposition to the plan of adjustment. This does not completely put an end to discussion about the role of the DIA collection, but for all intents and purposes it will likely be the last of any proposal to collateralize or sell the artwork. The episode also provides a lesson to practitioners about the cost of overzealousness.
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Topics: the Ford Foundation, Chapter 9, the Fred A. and Barbara M. Erb Family Foundation, Syncora Capital, the Hudson-Webber Foundation, the John S. and James L. Knight Foundation, the William Davidson Foundation, Financial Guaranty Insurance Co., Judge Rhodes, Christie's, valuation, Appraisal, Detroit, the McGregor Fund, Eugene Driker, Detroit Institute of Arts, Bankruptcy, Gerald Rosen, the Kresge Foundation, the Charles Stewart Mott Foundation, eligibility, Detroit Bankruptcy, the Community Foundation for Southeast Michigan, grand bargain
I'm pleased to announce that Sullivan & Worcester LLP has signed on as a Friend of Art Law Day at the annual conference of the Appraisers Association of America. The schedule has recently been released and registration is now available. Held once against at New York University Kimmel Center, this year’s event will be held on Friday November 7, 2014. The schedule is below and promises to be a fascinating day. Hope to see you there!
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Topics: The Changing Laws for the Sale of Endangered Speci, Monica Kreshik, NYU SCPS, International Director of Restitution, The Frick Collection, miGavel Auctions/Lark Mason Associates, Pollock-Krasner Foundation, Betty Krulik Fine Art Limited, Michael McCullough, Pearlstein & McCullough LLP, authentication, IRS/Tax Free Exchange, Richard Levin, New York University, American Alliance of Museums, Suzanne Goldstein Baker, U.S. Fish & Wildlife Service, Cravath Swaine & Moore LLP, Art Law Day, Department of Environmental Conservation, Ulf Biscof, New Legislation for Authentication Experts, Baker Tilly Virchow Krause LLP, Christie's, Detroit Institute of Arts, Amy Goldrich, Betty Krulik, Restitution, Randi Schuster, Events, Christopher Marinello Art Recovery International L, Cahill Partners LLP, Elizabeth von Habsburg Winston Art Group, Monica Dugot, Appraisers Association of America, Marianne Rosenberg, Terry Shtob, Ford W. Bell, Craig Hoover, Bankruptcy and the Detroit Institute of Arts, Lark Mason, Kimmel Center, Wildlife Trade and Conservation Branch, Detroit Bankruptcy, Diane Wierbicki, Investment Property Exchange Services, Samuel Sachs II, Biscof & Paetow Rechtsanwälte, Withers Bergman LLP, Judith Bresler, Paul Rosenberg
