Navigating Risk in the Contemporary Art Market

Experts will discuss art market risk factors as they pertain to the purchase, sale or financing of art.

With the global art market reaching new heights in recent years, more and more people are considering buying or selling fine art. However, the art market can be a risky business, and it is important to understand the risks involved before entering into any transaction.

One of the key risk factors in the art market is authenticity. With so many fake or counterfeit works of art circulating, it is essential to be able to verify the authenticity of a work before buying or selling it. Another risk factor to consider is title. When buying or selling a work of art, it is important to make sure that there are no legal claims on the work that could complicate or invalidate the transaction. Finally, due diligence is essential in any art transaction. By taking the time to research a work of art and understand its provenance, buyers and sellers can dramatically reduce their exposure to risk when buying art.

In this presentation, among other things, title, authenticity and attribution risks, in the aftermath of Knoedler will be addressed. The types of due diligence and documentation typically required by buyers, sellers and lenders to avoid risk in the Contemporary Art Market will be considered.

Attendees will learn:

• The right questions to ask in considering the purchase, sale or financing of fine art.
• How to assess risk in the art market.
• Legal concepts of authenticity and title and their importance in art transactions.
• Due diligence requirements in buying, selling, or financing art.
• What contractual protections are advisable in mitigating against art market risks.

Panel Discussion with Phillip Ashley Klein, Steven Schindler and Katie Wilson-Milne

This panel is made up of Steve Schindler, founding partner of Schindler Cohen & Hochman LLP, Katie Wilson-Milne, partner at Schindler, Cohen & Hochman LLP, and Phillip Ashley Klein of Deloitte’s Art & Finance Practice, all experts in the risk in the Contemporary Art Market.

Please take note that this session took place during the 1AN Symposium at Art Southampton.

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Speakers

Steven R. Schindler

Steve Schindler is a founding partner of Schindler Cohen & Hochman LLP, a litigation and art law boutique located at 100 Wall Street in New York City. Steve heads SCH’s Art Law Group. This practice area, which has grown steadily over the past decade, combines SCH’s formidable litigation expertise with a deep knowledge of the art market and its specific legal issues. Steve regularly...

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Katherine Wilson-Milne

Katie Wilson-Milne is a litigator and art lawyer practicing at Schindler, Cohen & Hochman LLP. Katie advises clients in the art, cultural and creative communities, including art galleries, other art businesses, collectors, artists, and not-for-profit organizations in the art space on transactional matters related to the purchase, sale, lending and financing of art, as well as gallery,...

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Phillip Ashley Klein

Phillip Ashley Klein, spearheads Deloitte’s Art & Finance Practice in the U.S. The group’s offerings – which span Deloitte’s consulting, tax, audit and advisory businesses – delivers creative solutions to the individuals and institutions at the crossroads of business, finance and the arts.
Klein helps his clients with their customer and growth strategies, operating model...

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