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

On December 15, 2020, Judge Lorna Schofield of the United States District Court for the Southern District of New York dismissed a Manhattan art gallery’s claims for insurance coverage for losses suffered as a result of the gallery’s suspension of business operations during the COVID-19 pandemic.[1]  The decision—one of
Continue Reading Southern District of New York Dismisses Art Gallery’s Insurance Claims for COVID-19 Business Interruption Losses

Art institutions across the globe have been particularly hard-hit by governmental shutdowns in the midst of the COVID-19 pandemic.  In the United States, not only have shutdowns deprived numerous for-profit and not-for-profit art institutions of their primary source of revenue, but in many cases these institutions’ classification as “non-essential” have
Continue Reading Pardon the Interruption: Potential Paths Forward for Art Institutions Seeking COVID-Related “Business Interruption” Insurance Coverage