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Art title insurance can help hedge against an uncertain past By CharlesanaTbomas Danziger as one of our smarter clients once observed, the problem with the future is that its hard to predict. This is particularly true in the art world, where uncertainty regarding ownership of works of art can be extremely damaging, and where a title dispute can result in huge legal expenses. On the bright side, this is one reason we have such nice offices on Park Avenue.
Defective title is especially problematic in the U.S., because the law here holds that the thief of a work generally cannot pass good title to a purchaser. This means that unwitting buyers of stolen goods often end up surrendering the art without any compensation. And since there is no official governmental registry of title to artworks that would clearly show who owns a given piece —like, say, the land records maintained by all states —would - be art buyers have traditionally had to rely on their own due diligence to avoid disaster, with predictably mixed results. |
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WARHOL FOUNDATION CITES LEGAL COSTS AS GROUNDS FOR DISSOLVING THE BOARD the andy warhol Foundation for the Visual Arts has announced that it will pull the plug on its litigation - plagued 16 - year - old Andy Warhol Art Authentication Board. The decision, which sent shock waves through the art market, followed the organizations in - depth review of its activities. "Authentication became an issue right away," explains Joel Wachs, president of the New York - based foundation, "because we spend about $400,000 to $500,000 a year in regular expenses on it, and thats been coupled with millions and millions of dollars in legal expenses for frivolous lawsuits that have all been thrown out. The feeling is very clear that that money should be going to artists and arts organizations and not to lawyers."
Nevertheless, the foundations withdrawal from the authentication arena does not sit well with many in the art world. "They cannot just say bye - bye," insists Jose Mugrabi, who owns more than 800 Warhols and who, with his sons Alberto and David, is a significant market force at auctions and in private sales. "They have to keep going. Theres no logic to it, and I think its irrespon - sible on their part. There still has to be a process for approving works." |
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Ketterer Kunst, of Munich, is at the top of its game. The family - owned auction house, which just celebrated its 67th anniversary, realized its best - ever annual earnings, $36 million, in 2010 —thanks in part to the $2.3 million earned by an Ernst Ludwig Kirchner portrait, which tied with a Pieter Brueghel as the most expensive painting sold in Germany that year —and has announced a 2011 midyear sales total of $17 million. Julia Halperin spoke with Robert Ketterer, the firms president, on the eve of its December auctions.
Last year Ketterer netted a record $36 million. How do you account for this success?
Weve made our selection even more discerning - last years result was achieved with 27 percent fewer items in our live auctions than in 2007, the previous record year. The Internet also brings in a lot of new clients, and on our Web site we sell a great many objects every day. In part because of this, we have had a 25 percent increase in new buyers - not just new bidders, but new buyers - for every auction.
How would you characterize Germanys place in the global auction market?
There are a lot of auction houses here, but only three or four major ones. And there is a limit to what people will spend. For example, we have a Hermann Max Pechstein painting from 1910 in our winter modern sale, and I am absolutely sure that no one will bid beyond €2 million or €3 million. In London or New York, it might easily get more. |
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Octobers two - week marathon of art fairs and auctions in London and Paris, besides proving surprisingly successful, spurred a vigorous debate about the relative merits of Frieze and fiac Devoted to pramary - market contemporary art, Frieze is nearing its 10th anniversary in its trademark Regents Park tent, while fiac, at 38, presents both secondary - market modern art and contemporary material in the elegant ambience of the renovated Grand Palais.
"The general consensus is that Frieze is going downhill while fiac is going uphill," reports Thea Westreich, a seasoned New York - based art adviser who combed through both fairs. "Im not sure I take that position, but I will definitely say fiac has been improving steadily over the past several years and has become a destination point for serious collectors." |
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 MADE to LAST
The first thing that comes to mind at Green Shoes Devonshire workshop is the childrens tale of The Elves and the Shoemaker. Its hands - on method of making shoes is probably much the same as that of the poor cobbler who, with the help of a little elvish magic, turns a piece of leather into a thriving small business. Here the process has taken a little lunger. It is 3(1 years since founder Alison Hastie learned to make shoes. Now she and her five fellow company shareholders and colleagues sell to loyal customers and celebrities alike: their eco - credentials. traditional techniques and handmade shoes and boots are fashionable and sought - after.
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MADE to LAST
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 "How can I start selling my designs?"
Lindi Oosthuizen makes a range of beautiful fabrics but needs to know how to take her creations to market.
Her fathers passion for observing the natural world, and her grandmothers embroider skills, are threads that still run through the work of textile maker Lindi Oosthuizen. The Sussex - based craftswoman grew up in the South African countryside where she acquired her rich inheritance. "I remember the excitement we felt at the sight of the first swallows in spring, and Dad was always keen to find tiny wildflowers hiding under dry grasses on our farm," she says. "Nan lived on the coast near Cape Town, and every December we fled the heat and visited her for a four - week holiday. She had a wonderful wardrobe full of different materials - threads, raffia and beads."
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How can I start selling my designs?
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 BE A GREEN CHAMPION
From the use of solar panels and recycling schemes to woodland conservation and car clubs, even the smallest rural neighbourhood can act sustainably. Begin by tapping into the concerns and passions of every neighbour, friend and local enterprise.
WINDS OF CHANGE
High on a blustery hill right in the middle of Scotland sits a towering wind turbine, whipping up 2.5 megawatts of energy a year for the national grid. There are another 14 white giants in the same wind farm, but look closely and youll see this one is different: adorned with marker - pen doodles and signatures all round its base. It is a peoples turbine and its power belongs wholly to the community of Fintry.
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BE A GREEN CHAMPION
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 Millennial Marketing
Offer value and exclusivity to resonate with this group, says Michael Wood of research firm TRU.
Residential Lighting: How do you define Millennials? Michael Wood: Millennials - 77 million at last count - were born between roughly 1980 and 2000. Technology, specifically the Internet, is part of their daily life. Theyre diversity - positive, seeking out different individuals to include in their closest friendship groups. Theyre close to their parents and often see them as peers.
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Millennial Marketing
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 Nashville, Tenn.
For the first two days of may in 2010, Nashville, Tenn., a city accustomed to being inundated by tourists, was overrun by 13 inches of rain in 36 hours. The Cumberland River reached 12 feet above flood stage, killing 11 people and ruining landmarks including the Grand Ole Opry House and the Gaylord Opryland Resort. The city suffered more than $2 billion in damage to private property alone.
"The flood galvanized our community in ways that make me proud to be a Nashvillian," says local architect David Powell, AIA, principal of Hastings Architecture Associates. AIA Middle Tennessee rose to the occasion "to stabilize the neighborhoods by identifying and assisting the most fragile families with the greatest needs" - typically the elderly, disabled, and low - income families, Powell says.
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Nashville, Tenn.
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