The World of the Working Artist

Time

Creative Space

Galleries and Commissions

outright purchase and resell (favored in the EU)

consignment (norm in US)

gallery owner is an agent for the artist

fiduciary relationship

commissions

costs (insurance, framing, exhibitions, catalogs, etc.)

responsibility for theft/damage

The World of the Investor in Art

International sales: $58 billion

Investment considerations

Methods of acquisition

Auctions and bidding

ascending bid (UK and US)

descending bid (Holland)

simultaneous bid (Japan)

Dealers

Authentication: (it is estimated that 10% of sales involve forgeries/fakes)

Art experts

stylistic

scientific

Monopolies: The Sherman Act prohibits (1) illegal price fixing, (2) conspiracies to monopolize and (3) monopolization.

Kramer v. The Pollock-Krasner Foundation (S.D.N.Y. 1995)

Christie's and Southeby's use the Pollack-Krasner Foundation exclusively to authenicate Jackson Pollack's paintings. Kramer is claiming this connection is a conspiracy to monopolize and is in fact a monopoly.