12/03/2010

Art law: Nazi-looted paintings; bank loans to art dealers

The current issue of Herrick Feinstein's Art & Advocacy newsletter features articles on two topics of great interest to those practice art law.

In What the Lady Has Wrought, Howard Spiegler comments on the ramifications of the recent settlement of the "Portrait of Wally" case -- a case brought by the United States government to recover possession of the painting while it was on loan from an Austrian museum to the Museum of Modern Art in New York City.

In Bank Loans to Art Dealers, Stephen Brodie examines the problems that banks may have in connection with loans to art dealers, because Article 9 of the UCC may not apply to art consignments, and because those in the art world often rely on "handshake deals."