This unprecedented time of uncertainty and market volatility has affected nearly every industry, including the art world.
Charles Cochrane of Cochrane Adams Fine Art Agents, Rebecca Lockwood of Sotheby’s and Alyssa Quinlan from Hindman Auctions joined McDermott’s Christen Douglas, Nicholas Holland and Jenny Johnson Ware to flag issues you should keep top of mind when considering the acquisition, gifting and disposition of art. In particular, the panel discussed the duties and potential pitfalls of fiduciaries in managing and disposing of art in the best interest of beneficiaries.
The panel also discussed:
- Issues surrounding the acquisition of art and collections – including concerns with provenance and authenticity
- Responsible ownership of art – including issues with its legal/beneficial title and display
- Gifting of art during life and at death to private individuals and charities
- The sale and disposition of art – including recent developments in the art market, how to decide to pursue a private sale versus auction, and solvency issues with respect to galleries and auction houses
The COVID pandemic has also created a unique strain on museums and galleries. Significantly more museums are deaccessioning their collections, and galleries (especially smaller galleries) are facing insolvency. The panel discussed all of these issues both from a US and a UK perspective.
Watch the discussion here.