Art Law Blog : New York Art Law Lawyer & Attorney : Fox Rothschild Law Firm : Theft, Intellectual Property, Institutional Negotiation : Manhattan, New York City

According to this article, the owner of a stolen Picasso decided that displaying the work adds more economic value to his gallery than actually selling it. 

The Picasso sketch, “Tete de Femme” (1965) was stolen last summer from the gallery. Though the artwork’s value has risen $250,000, or to three times its value, from the time that Weinstein acquired it just six months ago, Weinstein claims that the presence of the recently returned work brings in so much additional foot traffic from people interested in seeing the work that it is worth more as a marketing tool than as merchandise.

[This article was drafted with the assistance of Nicole Dornbusch}.

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This article discusses Christie’s November 25-30 sales in Hong Kong, which was seeming slow in activity in the emerging Asian markets. Only 84% of the wine lots and 74% of Asian 20^th Century and Contemporary Art Evening Sale lots were sold. 

Eric Chang, International Director of Christie’s Asian 20^th Century and Contemporary Art Department, however, stated that after-sales activity has been strong for a key work by Zhang Xiaogang, which went unsold at auction. 

This market has also seen success overall this year, reaching a total of HK$1.52 billion in sales.

[This article was drafted with the assistance of Nicole Dornbusch}.

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According to this interesting New York Times article, Miami has become a year-round art haven, thanks to a successful ten years of hosting Art Basel and its satellite fairs. 

Though only 3 of the 260 galleries invited to Art Basel are actually based in Miami, lead collectors attribute the opening of dozens of new galleries in the past decade to the presence of the fair.

[This article was drafted with the assistance of Nicole Dornbusch}.

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Frankfurt’s Staedel Museum will be expanding as a result of donations from banks including Deutsche Bank, which has agreed to contribute its corporate collections. According to this article in Business Week, these banks have promised more than 800 artworks to the museum. 

The new expansion of the museum will cost 32 million euros, a hefty fee, especially during the current European debt crisis.

[This article was drafted with the assistance of Nicole Dornbusch}.

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