Actions and Detail Panel
Risk Management in the Art Market
Thu 10 November 2016, 09:30 – 14:00 GMT
Buying and selling art is a business of passion. But that passion has never seemed so fraught with risk. Money laundering, criminal sanctions, regulatory compliance, charges to tax, corporate governance issues, the threat of cyber attack, online fraud, disputed attribution, question marks over title, and forgery on an industrial scale - all are variously and increasingly interwoven with the day-to-day challenges posed by borderless commerce, big data and globalised criminality. Make one false move, and the price can be high. Businesses, reputations and livelihoods are on the line.
As announced at the Art Business Conference on 1 September, this short series of half-day seminars brings together experienced specialists in their respective fields to address commercial, compliance and cyber risks. The aim of each seminar is to bring together senior art market professionals, and to promote discussion around identifying the risks, and responsible strategies for mitigating and resolving them.
Each half day session takes place in the spectacular offices of our sponsors, K&L Gates, overlooking St Paul’s Cathedral. Each seminar will commence with breakfast networking and registration at 9.30 and will conclude with a networking sandwich lunch.
The first seminar is on “Commercial and Transactional Risk.” It takes place on 10 November 2016, and will comprise the following two sessions:
Due Diligence - forensics, provenance, and title issues
A thing of beauty is a joy forever. But an artwork acquired without proper care, can be anything but. Participants in markets for art too often find themselves at risk: from forgery, misattribution and shadows over ownership. Our panellists discuss ways in which scientific and art historical investigation, connoisseurship, and policies of insurance all offer opportunities to mitigate those risks.
Speakers: Francis Eastaugh (Art Analysis & Research), Tim Hunter (Falcon Fine Art) and Lawrence M. Shindell (ARIS Title Insurance Corporation).
Transactional Risk - tax, contracts and disputes
Managing transactional risk is about increasing the predictability of outcomes where possible. This panel discusses some of the tax consequences of buying and selling art, and ways of managing those consequences; legal strategies available for supporting the precious commodity of trust that buyers and sellers of art regularly invest in one another; and means by which a breakdown of trust can be managed with tact, delicacy, and in confidence.
Speakers: Ruth Cornett (Christie's), Nicola Wallace (Art ADR Global / ArtResolve) and Sean Kelsey (K&L Gates)