Speaker(s): , Peter K. Tompa, Clinton Howell, James McAndrew, Michael McCullough, Narric Rome

Regulating the Art Market 

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US art dealers, auction houses, galleries, art museums, art fairs and art consultants may soon be subject to government financial regulation.  Many are calling for regulation in the art market to counter and combat the tax evasion, money laundering, price manipulation and trading on ‘inside information’. Proponents of regulation seek more open trading and greater disclosure of all aspects of art transactions, including details regarding the parties, prices and any guarantees.

This session will look at the following points of discussion:

  • Can regulation achieve greater transparency in the multi-billion dollar art market?
  • Is regulation of all art-business transactions desirable and realistically achievable on an international scale?
  • Establishing money-laundering and Bank Secrecy Act compliance and monitoring programs
  • Can the establishment of an art-ownership register solve the problem in finding solutions to such problems as: provenance of true ownership, joint ownership, inheritance by multiple beneficiaries, legal right to sell and lend and pledge art
  • Will legislation for movement of art result in repelling globalization?
  • Dealing with “information asymmetry,”
  • Could the art market change its practices voluntarily – can self-regulation solve the problem over government intervention?
  • Looking at the possibility of ‘light regulation’ as a solution

This talk was originally filmed during The Inaugural Business of Art Observed.


Speakers

Peter K. Tompa

Peter K. Tompa is of counsel to Bailey & Ehrenberg, LLP.  He also serves as the Executive Director of Global Heritage Alliance, a 501 (c) (4) advocacy group representing the interest of antiquities collectors, dealers and museums. He has appeared in numerous trial and appellate courts. He has lobbied members of the U.S. Congress and the Executive Branch in an effort to ensure that his...

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Clinton Howell

After graduating from Hobart College in 1971, I went to England where I attended the London College of Furniture learning antique restoration. Founded and published “Antique Furniture Newsletter” (1978-82) focusing on connoisseurship and restoration, contributed articles to various publications and became Contributing Editor to Art & Auction (1983-2010). Set up a restoration...

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James McAndrew

James McAndrew heads the art law practice at Grunfeld Desiderio Lebowitz Silverman & Klestadt LLP (GDLSK). Clients include museums, auction houses, public and private institutions, dealers and collectors. GDLSK practice focusses on Customs and International Trade and is recognized as the premier Customs law firm in the country. James McAndrew retired from the U.S Department of Homeland...

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Michael McCullough

Michael McCullough is a Founding Partner of Pearlstein McCullough & Lederman LLP, a law firm providing high-level services to the domestic and international art markets.
Michael McCullough’s art law practice covers a broad area of the art market. He advises galleries, auctioneers, and collectors on a variety of matters regarding consignment agreements, private sale agreement,...

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Narric Rome

Narric Rome serves as Vice President for Government Affairs at Americans for the Arts. In his role he manages federal, state, and local government advocacy with the goal of influencing public policies that advance direct and indirect support for the arts and arts education.
Narric is responsible for promoting the Americans for the Arts’ message to Congress and the Trump Administration....

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