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November 24th 2020

  • A Billionaire Collector Is Suing Hirschl and Adler Galleries for Allegedly Pocketing More Than Its Fair Share of Profits From the Sale of a $12 Million Painting – The two parties settled on a $10 million “net to you” contract, meaning that collector Steinhardt was guaranteed that much money if the painting sold, and that Hirschl & Adler was eligible to claim any profits made on top of the $10 million—except Steinhardt now says that the gallery never made that second half of provision clear to him. “The use of ‘net to you’ contracts in the art world is a fraud on the art owner, a breach of the gallery’s fiduciary duty to the art owner and an unethical sales practice,” his lawsuit claims, and asks for an unspecified amount of damages to be paid to Steinhardt, who was “caught in this trap.” – Read more on Artnet News
  • Art Dealer Ducks Jail Despite ‘Fake’ Picasso Email – A London judge on Monday stopped short of opening committal proceedings against art dealer Astrid-Caroline Cole despite “strong” evidence she forged an email from Microsoft’s late co-founder to justify her £12 million ($16 million) lawsuit for the right to sell Pablo Picasso’s 1932 “The Rescue” painting – Read more on Law360
  • ArtTactic Finds ‘V-Shaped’ Recovery in Market Confidence – The art market insiders ArtTactic surveyed include international collectors, auction specialists, dealers, advisors, market analysts, and commentators. Most were highly pessimistic about the market’s prospects six months ago, but today, 61% expect the market for established artists will be stable for the next six months, and 24% believe it will recover – Read more on Barron’s
  • ASIA: Photo Copyright: The Difference Between “Similar” and “Infringing” – Whether or not the work is infringing or is completely different from the evaluation of the work. Although it does not infringe copyrights, it is sometimes evaluated that works that imitate the distinctive ideas of other people’s works are not good as works, and that there are problems – Read more on Forbes Japan
  • Utah Helicopter Crew Discovers Mysterious Metal Monolith In Desert – And there it was — in the middle of the red rock was a shiny, silver metal monolith sticking out of the ground. Hutchings guessed it was “between 10 and 12 feet high.” Still, it is illegal to install structures or art without authorization on public lands “no matter what planet you’re from,” said Utah DPS – Read more on CNN Style