Katie and Steve speak with WIPO economists Alexander Cuntz and Matthias Sahli about their recent article, Intermediary liability and trade in follow-on innovation,&nbsp;published in the Journal of Cultural Economics in February 2023. Their research looks at how intermediaries in the art market altered their behavior after the Second Circuit’s decision in&nbsp;Cariou v. Prince, which was seen as greatly expanding permissible fair use in appropriation art. THIS PODCAST WAS RECORDED BEFORE THE SUPREME COURT’S DECISION IN THE&nbsp;WARHOL&nbsp;CASE, WHICH PULLED BACK ON THE TRANSFORMATIVE USE ANALYSIS FOR COPYRIGHT FAIR USE. &nbsp; Notes for this episode:  &nbsp; Follow the Art Law Podcast Instagram:  TikTok:

Do Market Players React to Court Decisions Impacting Art?

Steve and Katie speak with Dr. Carina Popovici, CEO and Founder of Art Recognition, an art and technology startup that uses AI systems to evaluation the authenticity of artworks. They discuss the problems with authentication in the traditional art market and the promise and limitations of AI in solving these problems along with some real-world examples. &nbsp; Notes for this episode:  &nbsp; Follow the Art Law Podcast Instagram:  TikTok:

What Can Artificial Intelligence Offer Art Authentication?

Steve and Katie talk with their colleague Tom Kline about his client, the Massachusetts Charitable Mechanic Association (MCMA), and its decades-long quest to reclaim the dramatic marble statue The Wounded Indian by Peter Stephenson, modeled after the Roman sculpture The Dying Gaul. MCMA was founded by Paul Revere in 1795 and was gifted the statue in 1893. After vacating its storied headquarters in 1958, MCMA was told the statute had been destroyed. Only in 2023 did it get the statue back. &nbsp; Notes for this episode:  &nbsp; Follow the Art Law Podcast Instagram:  TikTok:

Returning "The Wounded Indian" Statue to Massachusetts

Katie and Steve talk with renowned art lawyer Pierre Valentin about the EU’s new and striking import regulations on cultural goods, including fine art and cultural property, that prohibit the import of applicable items not created in the EU into the EU if they cannot be shown to have been legally exported from their countries of origin. We discuss the impetus for these regulations, the problem with discerning ownership and export history of cultural property, and the key problems with the new regulation’s successful implementation and enforcement. &nbsp; Notes for this episode:  &nbsp; Follow the Art Law Podcast Instagram:  TikTok:

New Hurdles to Importing Art in the EU

Steve and Katie take a look at the many developments around generative AI and fine art, including debates and litigation on copyrightability and infringement as well as the policy concerns surrounding increased use of generative AI to create artworks. &nbsp; Notes for this episode:  &nbsp; Follow the Art Law Podcast Instagram:  TikTok:

2023 AI and Art Wrap Up

Katie and Steve discuss three recent litigation updates. They discuss the outcome of the trial in the case brought by Dmitry Rybolovlev against Sotheby’s for aiding in the alleged fraud of Yves Bouvier, the most recent Richard Prince fair use copyright infringement cases brought by two photographers, and the Ninth Circuit decision applying Spanish law to deny return of a Pissarro painting to the family of Lily Cassirer, whose property was looted by the Nazis and is currently located in a Spanish museum. &nbsp; Notes for this episode:  &nbsp; Follow the Art Law Podcast Instagram:&nbsp; TikTok:&nbsp;

Art Law Litigation Updates: Fraud, Fair Use, and Nazi Looting

Katie and Steve take a deep dive into the history and current status of the Parthenon Marbles with Alexander Herman, director of the Institute of Art and Law in London and author of the recent book&nbsp;The Parthenon Marbles Dispute: Heritage, Law, Politics. &nbsp; Notes for this episode:  &nbsp; Follow the Art Law Podcast Instagram:&nbsp; TikTok:&nbsp;

The Parthenon Marbles Dispute

Katie and Steve speak with colleague Eden Burgess about the Native American Graves Protection and Repatriation Act (NAGPRA), its history, purpose, and requirements to repatriate cultural property and human remains to Native American tribes and Native Hawaiian Organizations, as well as new regulations that are leading major museums to remove or close exhibitions of Native American and Hawaiian objects while taking action to implement NAGPRA in consultation with tribes that have ownership claims. &nbsp; Notes for this episode:  &nbsp; Follow the Art Law Podcast Instagram:&nbsp; TikTok:&nbsp;

The Native American Graves Protection and Repatriation Act Gets Some Teeth

Steve and Katie talk with their colleague, Tom Kline, about the Nazi’s program of remaking European culture, the enormous theft and displacement of art that occurred as part of that program, and the efforts of the heirs of Jews displaced during World War II to reclaim art and cultural property. The discussion focuses on the Washington Principles, the updated best practices issued upon their 25th anniversary, and how claims for restitution have changed over this time. &nbsp; Notes for this episode:  &nbsp; Follow the Art Law Podcast Instagram:&nbsp; TikTok:&nbsp;

The 25th Anniversary of the Washington Conference Principles and Where We are on Nazi-Looted Art

Steve and Katie speak with Italian lawyer Giuseppe Calabri and art historian Sharon Hecker about Italy’s cultural patrimony laws granting state institutions control over the use of images of cultural property long in the public domain. They discuss the legal, ethical, and practical issues with such laws and their specific application to uses of the Vitruvian Man&nbsp;by Leonardo da Vinci located at the&nbsp;Gallerie dell'Accademia in&nbsp;Venice and the statue of&nbsp;David by Michelangelo located at the&nbsp;Gallerie dell'Accademia&nbsp;in Florence. &nbsp; Notes for this episode:  &nbsp; Follow the Art Law Podcast Instagram:&nbsp; TikTok:&nbsp;

Italy’s Expansive Control Over Cultural Heritage

Katie and Steve speak with Philip Hoffman, founder and CEO of&nbsp;The Fine Art Group, about art funds, art financing, and financial guarantees of auctions sales.&nbsp; They also explore&nbsp;how art is performing as an asset class.&nbsp; Philip started the first “art fund” in 2002, and&nbsp;he&nbsp;is&nbsp;one of the world’s leading experts on the financialization of art.    Resources: The Fine Art Group -&nbsp;https://www.fineartgroup.com/en/ http://www.artfundassociation.com/index.html https://www.nytimes.com/2018/06/08/arts/art-financialization-blockchain.html https://www2.deloitte.com/us/en/pages/financial-services/articles/art-and-finance-report.html https://www.ft.com/content/0d4a50f0-cbff-11e5-a8ef-ea66e967dd44 https://www.artsy.net/article/artsy-editorial-art-loans-popular-ultra-wealthy-good-economic-times-bad https://www.theartnewspaper.com/news/guarantees-the-next-big-art-market-scandal  Episode Transcription Steve Schindler: Hi, I’m Steve Schindler. Katie Wilson-Milne: I’m Katie Wilson-Milne. Steve Schindler: Welcome to the Art Law Podcast, a monthly podcast exploring the places where art intersects with and interferes with the law. Katie Wilson-Milne: And vice versa. The Art Law Podcast is sponsored by the law firm of Schindler Cohen &amp; Hochman LLP, a premier litigation and art law boutique in New York City. Steve Schindler: Hi, Katie. Katie Wilson-Milne: Hi, Steve. So today we are finally, as promised, talking about art and finance. Steve Schindler: Money. Katie Wilson-Milne: And money and a few different examples. As most of our listeners probably know the art world is largely about money but instead of paintings just being expensive we are going to talk today about the financialization of art or how art itself is leading to financial products that might look more familiar to people in other settings. Steve Schindler: Right. And are we going to talk about that question that has popped up it seems like in many, many settings whether art is an alternative asset class? Katie Wilson-Milne: Yeah. That’s something we should ask our guest because I’m not sure about the answer to that. Steve Schindler: All right. Well we will see what he has to say. Katie Wilson-Milne: Philip Hoffman is the founder and CEO of The Fine Art Group. The Fine Art Fund, which is part of the Fine Art Group, was the first fund of its type to invest in art, founded in 2001. Since then, Philip has developed the business into a market leader in both art investment and art advisory. Before launching the Fine Art Group, Philip Hoffman spent 12 years working for Christie’s Auction House. He joined from KPMG and at 33 became the youngest member of the management board and later served as the deputy CEO of Europe. Welcome, Philip. Thank you for joining us. Could you start by telling our listeners a little bit about your career in the art-meets-finance world and also what the Fine Art Group does? Philip Hoffman: So my career is that I started at KPMG as a chartered accountant or CPA and I qualified and my first position was KPMG suggested that I should be finance director of Christie’s. So when I was 27 I became finance director or CFO of Christie’s. And I resigned after a year having done what I wanted to do, which was to clean up the books and the accounts. And then they asked me if I would become deputy chief executive of the European business and get involved in all aspects of the business. And so I had about 300 to 400 people reporting to me when I was about 29, joined the main board at 30 and was then involved in running most of the European business and also setting the global strategy for Christie’s. I was at Christie’s for 12 years and then I left. I had the idea of setting up an art investment fund with Christie’s and at that time Lord Carrington who was the then Chairman, Former Secretary General of NATO said there were too many conflicts of interests. So, we didn’t do it at Christie’s. And I then left to...

The Financialization of Art with Philip Hoffman

The Art Law Podcast hosts discussions about topics at the intersection of art and law with art lawyers Steve Schindler and Katie Wilson-Milne and their distinguished guests.

The Financialization of Art with Philip Hoffman

The Art Law Podcast

Recent comments

ΛIM$

Related tracks