Phillips

Subscribe to Phillips

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

By Sabrine Tribie on January 8, 2021

Posted in Auction Houses

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

Senate Report Documents Russian Oligarchs’ Use of the U.S. Art Market to Launder Money

By Meaghan Gragg on August 19, 2020

Posted in Anti-Money Laundering, Auction Houses

On July 29, 2020, the Senate Committee on Homeland Security and Governmental Affairs issued a 150-page bipartisan report that identifies the art market both as the “largest legal, unregulated market in the United States” and a significant weakness in the nation’s sanctions and anti-money laundering regimes.^[1] The Senate Report…
Continue Reading Senate Report Documents Russian Oligarchs’ Use of the U.S. Art Market to Launder Money