Art/Work: The Intersectionality of Art, Law, Finance, and Transactions

“Art is about profundity. It’s about connecting to everything that it means to be alive, but you have to act.” —Jeff Koons

As the global art market expands at a rapid rate, a range of legal issues and headline-worthy courtroom battles have emerged. Join the Federal Bar Association on Feb. 6, 2020, at the National Arts Club in New York City for its annual Art Law & Litigation Conference. This conference provides unsurpassed legal, art, business, finance, and tax analysis. Sign up by on or before Jan. 10, 2020, at www.fedbar.org/artlaw20 to enjoy early-bird rates. This full day of educational programming is an excellent tool for lawyers, artists, art educators, museum curators, and financiers looking to expand their understanding of the latest legal issues facing the art world.

It is fitting that the 2020 Art Law & Litigation Conference will take place in New York City. The Big Apple is witnessing an unprecedented number of high-stakes art law cases.  For example, in June, a U.S. district court judge denied a motion by Sotheby’s to dismiss a $380 million lawsuit brought against the auction house by two companies owned by Russian billionaire Dmitry Rybolovlev, according to papers filed in a Manhattan federal court. Rybolovlev accused Sotheby’s of helping his Swiss art dealer, Yves Bouvier, overcharge him by more than $1 billion on artworks, including pieces by Klimt, da Vinci, Picasso, and Monet. Judge Jesse M. Furman also declined some of Sotheby’s request for redactions from the court documents, noting that the public cannot have confidence in the court’s administration of justice without being able to see the specific allegations underlying a case.

Another high-profile art law battle is playing out in the city that never sleeps. The case of Tananbaum v. Gagosian Gallery Inc., 651889/2018, New York State Supreme Court (Manhattan), centers on the purchase of three sculptures by Jeff Koons, including “Magenta Balloon Venus,” “Eros,” and “Diana.” Tananbaum, managing partner and chief investment officer of GoldenTree Asset Management LP, claims these artworks were not delivered to him according to an agreed-upon timetable. He brought the case against the gallery and Koons’ studio in 2018. New York State Supreme Court Justice Saliann Scarpulla dismissed some parts of the suit but ruled that Tananbaum’s breach of contract claim could go forward. In its notice to appeal, Gagosian said that the delays in delivering the artwork to Tananbaum resulted because Koons is known to take long periods of time to create his works, and when Tananbaum agreed to purchase the works, the collector was “well aware of Koons’ perfectionism.”

In a city so nice they named it twice, we hope you will attend the Art Law & Litigation Conference on Feb. 6, 2020, for an unparalleled opportunity to gain expert insight, benefit from networking opportunities, and earn CLE credit. This conference is designed as a one-of-a-kind gathering for practitioners invested in the intersection of art and the law.

Attend this creatively minded and legally focused conference to explore the intellectual property issues that can emerge when creating, buying, reproducing, exhibiting, and loaning works of art. Panelists will also provide an update on the important regulatory, tax, valuation, criminal law, and technology changes in the art world.

Please consider joining us, too, for the Fashion Law Conference on Feb. 7 in New York City. Combine your Art Law and Fashion Law registration for a steal of a deal! Sign up today at www.fedbar.org/artlaw20 and www.fedbar.org/fashionlaw20. Two great conferences, one breathtaking location in Gramercy Park at the National Arts Club!

About the Author

Stacy Slotnick, Esq. holds a J.D., cum laude, from Touro Law Center and a B.A., summa cum laude, from the University of Massachusetts Amherst. She performs a broad range of duties as an entertainment lawyer, including drafting and negotiating contracts; addressing and litigating trademark, copyright, patent, and other IP issues; and directing the strategy and implementation of public relations, blogging, and social media campaigns.

About the FBA

Founded in 1920, the Federal Bar Association is dedicated to the advancement of the science of jurisprudence and to promoting the welfare, interests, education, and professional development of all attorneys involved in federal law. Our more than 16,000 members run the gamut of federal practice: attorneys practicing in small to large legal firms, attorneys in corporations and federal agencies, and members of the judiciary. The FBA is the catalyst for communication between the bar and the bench, as well as the private and public sectors. Visit us at fedbar.org to learn more.