The onset of Covid-19 saw art galleries, fairs, museums and auction houses sprint to adopt augmented reality ("AR") for online-only sales, virtual viewing rooms and exhibitions (note the bizarre success of a Sotheby's cyber auction which sold Michael Jordan's old Air J'z for $560,000 despite a global health crisis). A significant number of beta stage art tech companies are now capitalising on the market's technological advancement using blockchain-assisted methods. In simple terms, blockchain consists of a database that contains the history of all exchanges between its users since its creation. The information on this database is decentralized: the records exist across several locations or among multiple participants, and; any changes…
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The UK’s AML Supervisor for the Art Market Is Dishing Out Fines and Government Audits
Last year HMRC revamped and improved its ‘perimeter policing’ process which is used to identify AML-regulated businesses that are trading while unregistered for anti-money laundering supervision. As of the new financial year on 6 April 2022, art market participants (AMPs) that are found to be trading without registration, or late to register, may be fined or prevented from further trading until approved for supervision.
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New Serpentine Galleries Report Reveals Only 44% of Those Involved in Art + Tech/ Science Collaborations Adopt Written Contracts
The fine art industry has experienced a remarkable digital transformation in the last year and a half. At the forefront of this paradigm shift – preceding even the Covid-era – are tech-driven art collectives and projects, with teams composed of artists, programmers, engineers, software developers, data scientists and chemists, to name a few. However, a new report released on July 26 by the Serpentine Galleries Legal Lab asserts that “legal infrastructures are yet to be acknowledged for their multifaceted potential in supporting cutting-edge creative practice”. Established in 2019 as part of the London gallery’s R&D platform, the Legal Lab “seeks to strengthen the foundations of the future ecosystem for art, science and technology, through investigating legal…
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Why Artworks Using a Celebrity’s Image Could Be Legally Actionable
A slew of copyright infringement suits in the last two years within the fashion industry have one theme in common: the paparazzi are the ones filing against celebrity’s unauthorized use of images by the copyright-holding photographer. The legal trend has incited celebs to raise broader legal questions on social media, concerning the extent to which they are able to control how paparazzi profit from their likeness (think: supermodel Emily Ratajkowski’s viral essay on reclaiming her image after appropriation artist Richard Prince blew up and sold an Instagram post of the model, while Khloé Kardashian tweeted her disdain in having to license images first). This question becomes far more intriguing when…
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Are Contracts The Stepping Stone to Fairer Terms for Artists?
Art & Counsel spoke with Californian artist Virginia Broersma on how artists can leverage 21st century advancements in technology – as well as the newly created FARE contract – to achieve certain rights following the resale of their works. The romantic notion of the starving artist who only is concerned with making their work, and doesn’t worry about contracts or invoices, has placed artists in an unfortunate position that perseveres even now into 2021. Virginia recounts completing art school with a vague notion that if her work was good enough, the rest would fall into place. Fifteen years into her professional career however, she came realize that she also left…
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Droit De Suite: The Absence of an Artist’s Resale Royalty in the United States
The story is as old as the art market itself and familiar to anyone who collects art. An emerging artist catches the eye of a reputable collector who, along with other art world insiders, purchases the entire body of work at a relatively inexpensive price. Demand skyrockets, and the collector resells the work a couple of years later at auction for ten times what she bought it for from the artist. This is either a good investment or an aberration, or both, depending on how you view the notion of an artist’s resale royalty. An artist’s resale royalty generally entitles the artist of the work to receive a percentage of…
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New Serpentine Galleries Report Reveals Only 44% of Those Involved in Art + Tech/ Science Collaborations Adopt Written Contracts
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Last Year’s Legislative U-Turn Is Gradually Eroding UK Art Market Secrecy
In the circus year that was 2020, the UK took front and center on the world stage. This act was one of balance – involving a tightrope Brexit transition while firming the sudden blow of Covid-related business closures. But the final surprise that would serve as a pre-warning to our fellow international onlookers [coughs: U.S.] was the rather creeping realisation that the art market, as we know it – shrouded in secrecy and money laundering accusations – is becoming more regulated and even more curtailed when it comes to what knowledge can stay highly confidential. Up until 10 January 2020, the UK art market did not have to operate under the purview of regulators in the same way as other financial gatekeepers such as bankers, brokers and realtors. Buyer and seller identities are often concealed – although not in the eyes of the law, considering a recent case – and assets are susceptible to fluctuating and subjective valuations. Since…
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50 Years On: How the ARRTSA Model Continues to Influence Artists’ Rights
In 1971, the brain-child of conceptual art dealer Seth Siegelaub and New York lawyer Robert Projansky revolutionized art purchase transactions. Set against the backdrop of a turbulent 1960’s that mirrors continued inequities today – think: the civil rights movement, women artist’s committees, art worker’s rights – The Artist’s Reserved Rights Transfer and Sale Agreement, also known as ARRTSA; the Siegelaub-Projanksy Agreement; or simply The Artist’s Contract, was designed to strengthen the economic and authorial rights artists had over the sale of their works. By no means however, as multiple art historians and lawyers comment, is the contract a ‘silver bullet’. Despite availability as a free public resource, Joan Kee, historian…
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The UK Has Left the EU – What Does the New Trade Deal Mean for the British Art Market?
As of 1 January 2021, European Union law ceased to apply to the United Kingdom. Since the pair’s acrimonious split in 2016 – with the UK formally packing its bags on 31 January 2020 – the bitter exes have been haggling as to a mutually acceptable trade agreement by the end of the transition period on 31 December 2020. But in an eleventh-hour Christmas miracle, the two finally sealed a post-Brexit deal – albeit without a kiss – on Christmas Eve. And, while this may provide the certainty that businesses have been demanding, exactly how UK-EU business relations will fare remains to be seen over the next 11 month grace…
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Blockchain x Art: More Tech Start-Ups Disrupting The Art Market
This piece is the second in a two-part series that explores the potential art-world impact of blockchain. Read Part I to find out what blockchain is, what NFC is and why art market participants should care. LEGAL COMPLIANCE Legal compliance may also incentivize art businesses to utilize blockchain platforms. In a 2019 article titled ‘Fine Art Certificates of Authenticity: Are Yours Compliant?’, attorney Sam Miller explains that, under California[n][‘s] Civil Code Section 1742(c), galleries and dealers are “prohibited from selling or consigning a fine art print or multiple into or from the State of California unless a certificate of authenticity is provided to the purchaser or consignee on request or,…
