On Jan. 1, 2021, the U.S. Senate joined the House in voting to override President Trump’s veto of the National Defense Authorization Act of 2021 (NDAA), which includes several new anti-money laundering (AML) provisions that may be of keen interest
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Legal Analysis and Commentary on Art and Cultural Property
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Art Consignment and the Risk of Fraud
Kevin Ray authored an article for the December 2015 issue of The Secured Lender which discusses art consignment fraud. Click here to read the full article.
The Restitution, Repatriation, and Return of Cultural Objects: House Passes Bill to Coordinate U.S. Cultural Property Protection
This article is the third in a five-part series discussing the restitution, repatriation, and return of cultural objects. Each part addresses a different category of return. The first article in the series (available here) addressed the restitution of stolen…
California Cannot Require Resale Royalty on Out-of-State Art Sales, But the Most Important Issues Remain to Be Addressed on Remand
On May 5th, the U.S. Court of Appeals for the Ninth Circuit, en banc, issued a long-awaited decision in a suit brought by a group of artists against several major auction houses, [Estate of Graham v. Sotheby’s Inc.; Sam Francis…
Determining the IRS’s Fair Share: Considering Discounts to Establish the Value of Interests in Artwork for U.S. Transfer Tax Purposes
Written by William E. Keenen
Under U.S. law, a tax generally is imposed whenever one individual gratuitously transfers an interest in property to another. This tax is computed on the value of the property interest transferred, whether during one’s life…
In love with Diego or Frida? A brief look at Mexican art regulations
Written by Hugo López Coll, Luis Torres and Guillermo Miranda*
It is impossible not to be deeply moved by Diego Rivera’s Vendedora de Alcatraces, Frida Kahlo’s incredible self-portraits, or José Clemente Orozco’s El hombre en llamas, all of which…