Christie’s defeated in court battle over artist’s royalties

In a landmark judgment, a French court held on 24 March that art sellers must pay artist’s resale rights.

The ruling from the Versailles Court of Appeal marked the culmination of an eight-year legal battle between Christie’s auction house and two French associations of antique dealers and galleries. The battle began when the Syndicat National des antiquaires (SNA) and the Comité des galeries d’art sued Christie’s for unfair competition and abuse of its position. Christie’s had insisted that buyers pay artist’s royalties for works sold during an Yves Saint Laurent-Pierre Bergé sale in 2009.  Continue reading

US$137 million worth of art thought to have been purchased with misappropriated funds

A Malaysian financier purchased multimillionaire dollar art works including two paintings by Claude Monet using funds stolen from a government investment fund, artnet news reports.

According to documents released by the US Department of Justice, hundreds of millions of dollars were transferred from Jho Low’s 1Malaysia Development Bhd (1MDB) fund to a personal account named “Tanore”. Continue reading