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”)
On January 1, 2021, Congress voted to override President Trump’s veto of the National Defense Authorization Act for Fiscal Year 2021,[1] which includes provisions that will have significant implications for the antiquities market, and could eventually impact the art market as well.
The New Legislation Extends Bank Regulations to
Continue Reading National Defense Authorization Act Imposes Anti-Money Laundering Regulations on Antiquities Market and Calls For Study on Role of Art Market in Money Laundering
On December 16, 2020, Judge Denise L. Cote of the U.S. District Court for the Southern District of New York found that London-based auction house Phillips Auctioneers (“Phillips”) properly terminated its agreement governing the auctioning of a Rudolf Stingel painting for force majeure after postponing its spring auctions in the
Continue Reading Southern District of New York Finds that Phillips Auction House Properly Invoked Force Majeure Clause to Terminate Consignment and Guarantee Agreement in the Midst of the COVID-19 Pandemic