On February 4, 2022, the Treasury Department published its Study on the Facilitation of Money Laundering and Terror Finance Through the Trade in Works of Art (the “Report”).[1] To the surprise of many and the relief of the U.S. art market, the Report concluded that there was no immediate
Continue Reading U.S. Treasury Study Rejects Immediate Need for New Regulation of Art Market

As previously reported on this blog, non-fungible tokens (or “NFTs”) recently emerged as one of the hottest new items on the art market—artists, auction houses, museums, sports organizations and others have jumped at the chance to create and sell their own versions of these unique tokens.  But even as
Continue Reading NFT Update:  5 Recent Lawsuits Show a Glimpse into Future Legal Battles Involving NFTs 

As many know by now, non-fungible tokens (“NFTs”) are unique units of data stored on a blockchain that have become an increasingly popular way to buy and sell artwork (as well as all kinds of other things).  Although NFTs have existed since around 2014, the NFT market exploded last year,
Continue Reading Taking the “Fun” Out of Non-Fungible Tokens: Could Securities Laws Apply to NFTs?

Just as Marcel Duchamp shocked the art world in 1917 with his absurdist creation of Fountain—a “readymade” sculpture consisting solely of an upside-down urinal with a signature on it—creators of non-fungible tokens (“NFTs”) are now pushing the boundaries of the conventional art world by creating works that exist only
Continue Reading The Unknown Legal Future of the Art Market’s New Favorite Medium: Non-Fungible Tokens (“NFTs”)