Publications
Highlights Of the Art Market in 2022
Artprice.com has released its report, “The Art Market in 2022”. At 72 pages, it is a comprehensive look at the global art market, which is especially interesting to professional advisors to collectors of Art. International fine art auction turnover rose slightly in 2022, more than one million artworks appeared at auctions in 2022, of which almost two-thirds (65%) found buyers.
Lifting The Veil: Art Deals, The Bank Secrecy Act And The Need For Art Fiduciaries
The use of the art market to launder drug money; and, how the government is dealing with the issue by extending the reporting requirements of the Bank Secrecy Act to the art and antiquities market. The reporting requirement is a sharp departure from the otherwise confidential art market and will require artists and collectors to change their mindset when buying and selling art. Indeed, this change, the proposed changes in the U.S. tax laws and the emergence of non-Fungible Tokens (NFT) is prompting a sea change in how fiduciaries manage these assets during lifetimes and after death.
The Met Is selling Art? The Debate Over Deaccessioning Continues
The business model of every art museum has been under enormous stress during the pandemic and economic reality of 2020. The American Association of Museum Directors made a 180-degree turn on the use of funds from the sale of art from the museum’s collection last spring allowing some of the proceeds to be used to meet operating costs. The debate continues over whether the temporary lifting of the restrictions should be made permanent, amplified by the Metropolitan Museum of Art considering selling art and using the proceeds to cover operating costs.
Forbes: New Sanctions Announced For Art Deals With Sanctioned Persons
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued an advisory on sanctions risks arising from dealings in high-value artwork associated with persons blocked pursuant to OFAC’s authorities, including persons on OFAC’s List of Specially Designated Nationals and Blocked Persons. This applies to art galleries, museums, private art collectors, auction companies, agents, brokers, and other participants in the art market because high-value artwork transactions may play a role in blocked persons accessing the U.S. market and financial system in violation of OFAC regulations.