As potential regulation of the art market gathers in the United States, the increasing relevance of the Responsible Art Market Initiative is ever clearer. And while we will miss gathering in Geneva for the first time in several years, RAM is undeterred. Join us on Friday January 29, 2021 for a virtual edition of the annual RAM event, this year entitled “Innovation and change in a Responsible Art Market.” The program follows below (including a virtual networking opportunity), and registration by 27 January 2021 can be accomplished using the following link: www.responsibleartmarket.org/event-registration.
See you then. Until next year, this will have to suffice for ein Stückchen der Schweiz from last February:
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Topics:
Anne Laure Bandle,
Reibpartie,
Pierre-Auguste Renoir,
Art Law Foundation,
New York University,
TEFAF,
Geneva,
Sandrine Giroud,
Lalive,
Albert Martin Wolffson,
Eugene Driker,
Sullivan & Worcester LLP,
Henry Zacharias,
Copyright,
EPA Victory,
Sullivan and Worcester LLP,
Bonhams,
Nicholas M. O'Donnell,
Elmyr de Hory,
Mathilde Heaton,
RAM,
Responsible Art Market initiative,
Phillips,
Stephenson Harwood,
Jonathan Petropoulos,
Nanne Dekking,
Artory,
National Defense Authorization Act,
Nicolas Galley,
Borel & Barbey,
Valentina Volshkova,
Masterworks,
Tom Christopherson,
Melanie Damani,
Pace Gallery,
University of Zurich,
Masha Golovina,
Hottinger Group,
Freya Simms,
LAPADA,
The Association of Art and Antiques Dealers,
Audry Li,
Zhong Lun Law Firm,
Shanghai
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
After Judge Rhodes denied (as predicted) the expansive relief requested by creditors in the Detroit bankruptcy to perform a top-to-bottom appraisal of the collection of the Detroit Institute of Arts, attention has focused on those creditors’ objection to the “grand bargain” within the overall plan of adjustment. The creditors (and some academics) have argued that the grand bargain is a “preferential transfer,” that it puts some creditors (pension holders) in a better position than other creditors (lenders, in particular) in violation of bankruptcy principles.
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Topics:
Old Master,
Deaccession,
the Ford Foundation,
Mark Stryker,
Chapter 9,
the Fred A. and Barbara M. Erb Family Foundation,
the Hudson-Webber Foundation,
11 U.S.C. § 904,
Impressionism,
Amedeo Modigliani,
Michelangelo,
the John S. and James L. Knight Foundation,
the William Davidson Foundation,
Judge Rhodes,
Christie's,
valuation,
Scheme for the Decoration of the Ceiling of the Si,
Appraisal,
Modernist Art,
Detroit,
the McGregor Fund,
Eugene Driker,
Detroit Institute of Arts,
Bankruptcy,
Gerald Rosen,
the Kresge Foundation,
the Charles Stewart Mott Foundation,
Detroit Emergency Manager,
Kevyn Orr,
Detroit Free Press,
eligibility,
Detroit Bankruptcy,
the Community Foundation for Southeast Michigan
Detroit Emergency Manager Kevyn Orr’s plan to monetize the collection of the Detroit Institute of Arts, whether by sale or otherwise, took a large step towards realization today when at least nine local and national foundations pledged up to $330 million to Detroit to keep the collection of the Detroit Institute of Arts safe from sale, loan, or other encumbrance, and also to shore up pension funds Following the release of Christie’s appraisal report, and weeks of rumors that a “grand bargain” was in the works to raise money in exchange for keeping DIA’s art collection out of any plan of adjustment for the city’s bankruptcy, the Detroit Free Press reports today that federal mediator and U.S. District Court Judge Gerald Rosen released a statement outlining the pledge. The foundations identified are 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.
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Topics:
Old Master,
the Ford Foundation,
Mark Stryker,
Chapter 9,
the Fred A. and Barbara M. Erb Family Foundation,
the Hudson-Webber Foundation,
11 U.S.C. § 904,
Impressionism,
Amedeo Modigliani,
Michelangelo,
the John S. and James L. Knight Foundation,
the William Davidson Foundation,
Judge Rhodes,
Christie's,
valuation,
Scheme for the Decoration of the Ceiling of the Si,
Appraisal,
Modernist Art,
Detroit,
the McGregor Fund,
Eugene Driker,
Detroit Institute of Arts,
Bankruptcy,
Gerald Rosen,
the Kresge Foundation,
the Charles Stewart Mott Foundation,
Detroit Emergency Manager,
Kevyn Orr,
Detroit Free Press,
eligibility,
Detroit Bankruptcy,
the Community Foundation for Southeast Michigan
After Judge Rhodes of the Bankruptcy Court for the Eastern District of Michigan ruled on December 3, 2013 that the city of Detroit is eligible for Chapter 9 Bankruptcy protection, the city immediately divulged that the report commissioned by the city from Christie’s to appraise the Detroit Institute of Arts (DIA) collection was nearly finished. On the day of the eligibility ruling, Emergency Manager Kevyn Orr and Christie’s announced some tentative conclusions from the report, namely, that the 2,781 works appraised (roughly 5% of the total collection) had a value of approximately $452 million to $866 million. This was considerably lower than many had speculated.
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Topics:
Old Master,
Mark Stryker,
Chapter 9,
Scheme for Decoration of Sistine Chapel Ceiling,
11 U.S.C. § 904,
Impressionism,
Amedeo Modigliani,
Michelangelo,
Judge Rhodes,
Christie's,
valuation,
Appraisal,
Modernist Art,
Detroit,
Eugene Driker,
Detroit Institute of Arts,
Bankruptcy,
Gerald Rosen,
Detroit Emergency Manager,
Kevyn Orr,
Detroit Free Press,
eligibility,
Detroit Bankruptcy
