On July 23, 2025, Senators John Fetterman (D-PA), Chuck Grassley (R-IA), Sheldon Whitehouse (D-RI), Bill Cassidy (R-LA), Andy Kim (D-NJ), and David McCormick (R-PA), introduced the federal Art Market Integrity Act (the...more
Fine art was once regarded primarily as a cultural or emotional asset—meant to be displayed, appreciated, and eventually passed down through generations. But as the art market became increasingly sophisticated and intertwined...more
On 18 June 2025, the UK Office for Financial Sanctions Implementation (OFSI) released a Threat Assessment (the Assessment) targeting Art Market Participants (AMPs) and High-Value Dealers (HVDs). This follows new rules from 14...more
It is widely understood that fine art collectors frequently identify investment as a primary motivation for acquiring fine art. Considering the fluctuating financial markets and prevailing global uncertainties, many fine art...more
The question of how much diligence buyers must demonstrate may be considered in a new authenticity case brought recently in the Miami-Dade County Circuit Court against a Miami gallery for selling $6 million in fake Andy...more
A five-year legal dispute between heirs of the renowned artist Thomas Hart Benton and the trust department that administered and managed the Benton Trust produced a significant ruling last month in Jackson County, Missouri...more
Navigating the tax landscape for art dealers, investors, and collectors can be a complex endeavor, but proper classification is key to maximizing tax savings and avoiding pitfalls....more
I was proud to advise the Allentown Art Museum, which announced today that it has reached an agreement with the heirs of Henry and Hertha Bromberg concerning Portrait of George, Duke of Saxony by Lucas Cranach the Elder and...more
I attended today’s press conference at District Attorney Alvin Bragg, Jr.’s office in Manhattan at which a drawing by Egon Schiele, Seated Nude Woman, Front View, was transferred to the heirs of Fritz Grünbaum. I represent...more
Inherited art can be sentimental, beautiful, and valuable, but it can sometimes feel overwhelming. Depending on your personal situation, you have several options: you can keep and preserve the artwork, donate it to charity,...more
Under Armour on Friday said it has agreed to pay $434 million to settle a 2017 class action lawsuit accusing the sports apparel maker of defrauding shareholders about its revenue growth in order to meet Wall Street forecasts....more
You may have seen the headlines about the Orlando Museum of Art’s challenge to a donor’s $1.8 million gift that was given with “strings attached.” The donor intended to fund the acquisition of new works of art, but the...more
Your carefully curated fine art collection is an important, and often emotionally charged part of your estate. If not specifically addressed in your will, or some other arrangement isn’t made, your important fine art falls...more
Once a loss has been sustained, a claim must be timely filed with your insurance company. If the loss is from theft, you must contact the police to report the theft. Be sure to provide as much information as possible about...more
Fine Art Title Insurance Artwork title insurance reimburses an insured if another owner makes a claim to the title of a piece of artwork that the insured purchased. This is an important coverage, which is often purchased...more
Many private collectors think that they don’t need an additional fine art insurance policy because they assume that their homeowner’s insurance policy will cover damage to their fine art. This is a critical error,...more
Fine art insurance policies offer coverage for highly valued works of art. In the world of insurance, anything that has value beyond its function and intrinsic properties can be considered “Fine Art.”...more
In May, it will have been a year since the U.S. Supreme Court decided Andy Warhol Foundation for Visual Arts Inc. v. Goldsmith. In that case, the court held that Andy Warhol's silkscreens of the musician Prince based on a...more
I was honored to be among the speakers this week at the United States Holocaust Memorial Museum on March 5, 2024. Convened by the World Jewish Restitution Organization and the U.S. State Department, the event announced the...more
Fine art is big business. The three most expensive paintings to have ever been sold – Salvator Mundi by Leonardo da Vinci, Interchange by Willem de Kooning and The Card Players by Paul Cézanne – have an inflation-adjusted...more
Many taxpayers have art collections. However, the art collections of some high-net-worth individuals, family offices, and business taxpayers may draw the unwanted eye of the IRS. With the increased focus on auditing...more
If a fire or flood destroys a high-net-worth client’s fine art collection, an insurer who pays out a claim related to the loss has an incentive to pursue subrogation. This article explores some of the issues an insurer should...more
The U.S. Court of Appeals for the 9th Circuit ruled on January 9, 2024 that the Thyssen-Bornemisza Collection Foundation in Madrid is the owner of Rue Saint–Honoré, après-midi, effect de pluie (1892) by Camille Pissarro, a...more
El 5/10/23, el IRS emitió una advertencia y ofreció consejos a todos los contribuyentes, incluyendo los contribuyentes de alto patrimonio neto (declarantes de altos ingresos), para que estén atentos a promociones que prometan...more
On 10/5/23, the IRS issued a warning and offered tips to all taxpayers, including, High-Net-Worth taxpayers (high income filers) to be on the lookout for promotions that promise art donation deductions that are a tax scheme....more