Steve and Katie give a brief update on New York City’s recent repeal of its regulations governing auctioneers and auction practices. These regulations provided consumer protections by enforcing a measure of transparency into the auction process, such as requiring auctioneers to publicly disclose when they had a financial stake in an object being sold. Interestingly, major stakeholders appeared surprised by the repeal, which they had not requested and seemed indifferent about.
Susan Mumford and Chris King, co-founders of ArtAML, return to the Podcast and talk with Steve about the recent release by the Financial Crimes Enforcement Network (“FinCEN”) of its “Study of the Facilitation of Money Laundering and the Financing of Terrorism through the Trade in Works of Art.” To the surprise of Steve and his guests, FinCEN concluded that there is limited evidence of money laundering and little risk of terror financing through the sale of high value art. The discussion focuses on the findings of the study, and its implications, particularly when compared with the existing AML regulations covering the art market in the UK and the EU. (Susan and Chris discussed these requirements with Katie and Steve on the November 1, 2021 episode entitled: “How Anti-Money Laundering Regulations are Hitting the Art Market in the United Kingdom and What Participants Can Do to Comply.”) Recorded just days after Russian troops invaded Ukraine, the conversation turned to the impact that sanctions against Russia and its oligarchs are likely to have on the high-value art market, and what art market participants must do to not run afoul of these sanctions.
With Katie on a parental leave, Steve speaks with Herrick Feinstein’s Victor Rocco about his firm’s representation of the Republic of Turkey in litigation brought by Turkey to possess a millennia-old Anatolian marble statue (the Stargazer) owned by Michael Steinhardt and sold by him through Christie’s. (We previously had counsel for Christie’s and Steinhardt on the podcast.) After a trial in the Southern District of New York, Turkey lost for the primary reason that they could not provide facts supporting their claim to ownership of the Stargazer, specifically that it was stolen from modern day Turkey after 1906. Turkey has appealed that decision, and Victor and Steve discuss the trial and Turkey’s arguments on appeal.
In a re-release of last June’s episode, Katie and Steve speak (again) with digital art and NFT enthusiast Jason Bailey about the sudden rise of NFTs in the art world, what they really are, why they have value, and who is interested in them and why.
Katie and Steve speak with veteran cultural property and art lawyer, Tom Kline, about his representation of Christie’s and Michael Steinhardt in litigation brought by Turkey to possess a millennia-old Anatolian marble statue (the Stargazer) owned by Steinhardt and sold by him through Christie’s. After a trial in the Southern District of New York, Turkey lost for the primary reason that they could not provide facts supporting their claim to ownership of the Stargazer, specifically that it was stolen from modern day Turkey after 1906.