Amir Soleymani, a computer programmer and art collector, is suing the digital art site Nifty Gateway for allegedly changing the terms of an auction moments before it started. The auction sold a non-fungible token (NFT) called ‘Abundance’ by the digital artist Beeple, whose work recently set a new auction record at auction earlier this year.
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To ensure you are prepared for the winning bid at an art auction read our summary of the steps you should take and factors to consider.
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A New York Federal Judge has decided that a marble figure which is owned by hedge fund billionaire Michael Steinhardt and which has spent decades on display at the Metropolitan Museum of Art in New York will not be returned to Turkey. The Turkish government sued for the return of the figure in 2017 however, according to Judge Alison J. Nathan, there is “insufficient evidence” to support Turkey’s claim that it should be returned.
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Fred Clark, Associate in the Art Law & More team and Satjivan Aujla, Associate in the Private Wealth team at Boodle Hatfield LLP were joined by Emily Gould, Senior Researcher at the Institute of Art and Law, to set out the main legal considerations concerning NFTs. The article looks at copyright, SMART contracts, money laundering, estate and succession planning and taxation.
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The EU Intellectual Property Office has cancelled two trademarks for Banksy’s images in an ongoing dispute between Banksy and a greeting card company. The EU Intellectual Property Office had previously cancelled trademarks for two other images.
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In the art world, confidentiality is king. But that can be a challenge for claimants in art fraud cases. However, help is at hand in the form of Norwich Pharmacal applications, as the case of Hickox v Dickinson [2020] EWHC 2520 (Ch) shows.
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The UK’s National Crime Agency (NCA) has issued UK art galleries with an “amber alert” following concerns that potentially hundreds of millions of pounds are being laundered through art sales.
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The heirs to the art-dealing Wildenstein empire are to return to court for a retrial of their notorious tax fraud case.
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In a boost for arts organisations hit hard by the Covid-19 pandemic, the High Court handed down a judgment on 15 September offering guidance on when they may be eligible for pandemic-related insurance payouts.
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As the outbreak of COVID-19 has intensified, the UK art market, an inherently international industry, which thrives on both its domestic and global events, has felt the unprecedented effects. With art fairs cancelled and galleries’, museums’ and auctioneers’ doors forced to close, these are uncertain and exceptional times. In an industry which encompasses such a wide range of businesses, from the self-employed artist to the international auction house employing hundreds of staff worldwide, the challenges faced by those in the art market will be many and varied. Below we address some key legal implications for the market, and look at the ways Britain is supporting one of its most high profile and lucrative industries. Continue reading
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