Category Archives: Art Market

UK’s Ivory Act 2018 finally in force

Posted on: June 16, 2022 by Emily Gould

It’s probably fair to say that not all of our predictions for 2022 in our traditional inaugural blog post of the year have yet come to fruition – or indeed, will do so before the year is out. On one topic, however, we called it right: that this year would finally see the UK’s Ivory […]

Philbrick sentenced to seven year jail term – a rogue bad apple or a pawn in an industry rotten to its core?

Posted on: June 1, 2022 by Emily Gould

Art dealer turned con-artist Inigo Philbrick was sentenced last week by a US District Court to seven years behind bars. Described as “a serial swindler who took advantage of the lack of transparency in the art market” Philbrick defrauded numerous art traders, lenders and investors out of a reported US $86 million in a series […]

NFTs as property: courts start to rein in the NFT ‘Wild West’

Posted on: May 11, 2022 by Emily Gould

The NFT space is commonly characterised as a ‘Wild West’, where anything goes and legal controls are minimal. A recent decision of the UK High Court suggests that the law’s lasso of control is at least starting to bring some order to the purported chaos. In a case involving the alleged theft of two NFTs […]

US Treasury Study on Money Laundering Risks in Art Trade

Posted on: April 21, 2022 by Alyssa Weitkamp

On February 4, 2022, the United States Treasury Department released its Study on the Facilitation of Money Laundering and Terror Finance Through the Trade in Works of Art. In this Study, the Treasury Department goes through the basics of money laundering in the art world, the particular risks the art world presents for money laundering, […]

What’s new for the export of works of art? IAL seminar with Maurice Turnor Gardner LLP shines a light on recent developments

Posted on: February 23, 2022 by Emily Gould

The mobility of works of art, people and almost everything else has been severely restricted over the past two years by the Covid-19 pandemic. Fittingly, then, as international travel becomes possible once again, the IAL’s first in-person seminar since February 2020 was dedicated to the topic of art exports. It was a pleasure to welcome […]

Can an NFT be art? And why it matters…

Posted on: January 26, 2022 by Emily Gould

Term has started again this week for students of the Art Business and Law LLM provided by IAL in conjunction with Queen Mary, University of London. This semester, students will embark on three diverse new topics: Art and Intellectual Property, covering the intangible aspects of art; Art and Money, exploring the financial parameters of the […]

Michael Steinhardt’s antiquities and the legal/moral divide

Posted on: December 9, 2021 by Alexander Herman

Collector Michael Steinhardt has been in the news this week, and not for the right reasons. On Monday, an agreement was announced whereby the New York DA’s Office would not prosecute Steinhardt for acquiring looted antiquities and, in exchange, Steinhardt would surrender 180 such artefacts to the DA, and these will soon (one hopes) be […]

New guidance from UK Government on money laundering risks for the art trade

Posted on: July 20, 2021 by Emily Gould and Alyssa Weitkamp

On 28th June, the UK Government published further guidance on the application of anti-money laundering (AML) rules to the UK art trade. As many readers will be aware, since January 2020, anti-money laundering regulations have applied to art market participants, or AMPs (traders or intermediaries involved in the sale or purchase of works of art […]

NFTs – contemplating copyright and contract conundrums (part II)

Posted on: June 2, 2021 by Emily Gould

In our post last week, we explored some of the copyright issues raised by recent stories from the world of NFTs. Today, we turn our focus to matters of contract law. How can we address the challenges posed by contractual mechanisms unfamiliar to many in the art world? And where we might look for answers […]

NFTs – contemplating copyright and contract conundrums (part I)

Posted on: May 28, 2021 by Emily Gould

It hardly seems possible that the now world-famous sale of Beeple’s ‘Everydays’ NFT at the eyewatering price of $69 million happened less than three months ago. The sale was still underway when we first offered a few thoughts on the explosion of NFTs onto the mainstream art market. Bidding was at what now feels like […]