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Articles by Amelia Brankov
Sherri Cohen | WealthManagement.com
Home Sherri Cohen Sherri Cohen Senior Vice President, Global Head of Fiduciary Client Group, Sotheby's Sherri Cohen joined Sotheby’s in 2023 as the Global Head of Fiduciary Client Group.
Amelia K. Brankov | WealthManagement.com
Why convergence is coming and what it means.
Copyright Considerations With NFTs
As more clients acquire and collect non-fungible tokens, practitioners need to be on the look out for certain issues. Amelia Brankov | Mar 21, 2022 Recently, visual artists and other content creators have increasingly minted non-fungible tokens (NFTs) of their artwork and other creative property and offered the NFTs for sale.
The Art of Consignment Fraud
Mary Turner/Getty Images News/Getty Images Consignor alleged fraud because artwork sold for $2 million more than agreement provided. Amelia Brankov | Sep 17, 2021 There are many avid art collectors among high-net-worth clients, many of whom frequently look to galleries to consign artwork they no longer want. Net sale agreements are commonplace in the industry when consigning works and clients need to be familiar with the advantages and, sometimes, risks of such agreements.
Selling and Consigning Artwork in The Era of COVID-19
Legal tips for collectors to keep in mind Amelia Brankov, Sherri Cohen | Mar 24, 2021 Auction houses and other art vendors have adjusted their business practices to address some of the logistical hurdles caused by the COVID-19 virus. Here’s how the auction houses have adjusted their practices to facilitate the consignment process and sales. We also provide some legal tips for collectors to keep in mind when purchasing artworks during COVID-19.
Book Review: Art Law
Tristan Fewings/Getty Images Even though the art world and its accompanying group of legal advisors has expanded greatly since the first publication, no one has bested this treatise. Amelia Brankov | Nov 04, 2020 Art Law is the brainchild of the ultimate art law duo, Ralph E. Lerner and his late wife, Judith Bresler. Originally drafted over 30 years ago, it’s the go-to legal resource for attorneys, art world professionals and collectors.
Trademark Modernization Act Takes One Step Forward (via Passle)
This week, the House Judiciary Committee amended H.R. 6196, the Trademark Modernization Act, and passed it by voice vote to the full House.
How Artists Can Support Charitable Initiatives Through Art Sales
Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice): Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below. Mondaq has a "free to view" business model.
Brooklyn Collective Buys Damien Hirst
Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice): Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below. Mondaq has a "free to view" business model.
NY Court Tosses Lawsuit Over Street Art Depicted In Film
To print this article, all you need is to be registered or login on Mondaq.com. A federal judge in Brooklyn recently dismissed a lawsuit filed by a street artist who painted a well-known mural in Bushwick and the subject of that mural accusing a film producer and its distributors of violating the artists' rights under the Copyright Act, the Lanham Act, and state right of publicity law.
Florida Botanical Garden Seeks Dismissal Of Installation Artist's Lawsuit, Claiming Artist's Light Sculptures Are Not Copyrightable
Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice): Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below. Mondaq has a "free to view" business model.
I can't believe it's not summary judgment - Lawsuit over use of RICH & BUTTERY for wine continues (via Passle)
21 Apr 2020 21 Apr 2020 https://www.passle.net/Content/Images/passle_logo-186px.png Passle https://passle.net The fight over the Franzia's use of RICH & BUTTERY in connection with its boxed Chardonnay continues. If you're just joining us, we're following the ongoing battle (via two pending lawsuits) between JaM Cellars Inc.
NY Court Tosses Lawsuit Over Street Art Depicted in Film (via Passle)
Amelia Brankov A federal judge in Brooklyn recently dismissed a lawsuit filed by a street artist who painted a well-known mural in Bushwick and the subject of that mural accusing a film producer and its distributors of violating the artists’ rights under the Copyright Act, the Lanham Act, and state right of publicity law. The court summarily dismissed the claims under the Copyright Act and the Lanham Act, and refused to hear the state-law claim. Here’s what you need to know.
The Impact of Covid-19 on the Art Market
Like many other business sectors, the art market has been heavily disrupted by the worldwide impact of the Covid-19 virus, and collectors can expect market shifts to persist for some time. In these turbulent times, here are some tips for collectors to keep in mind to safeguard their art property, as well as information on tax relief legislation designed to encourage collectors to make cash donations to charitable institutions.
NY Court Tosses Lawsuit Over Street Art Depicted in Film | Lexology
A federal judge in Brooklyn recently dismissed a lawsuit filed by a street artist who painted a well-known mural in Bushwick and the subject of that mural accusing a film producer and its distributors of violating the artists’ rights under the Copyright Act, the Lanham Act, and state right of publicity law. The court summarily dismissed the claims under the Copyright Act and the Lanham Act, and refused to hear the state-law claim. Here’s what you need to know.
5Pointz Developer Aiming For Supreme Court Review Of $6.75 Million Damages Award
Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice): Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below. Mondaq has a "free to view" business model.
Florida Botanical Garden Seeks Dismissal of Installation Artist’s Lawsuit, Claiming Artist’s Light Sculptures Are Not Copyrightable | Lexology
When is installation art copyrightable? A lawsuit against a Florida botanical garden tests whether a well-known artist’s light sculptures are protected by copyright.
SCOTUS Strikes Down Law Abrogating Sovereign Immunity To States For Copyright Infringement
To print this article, all you need is to be registered or login on Mondaq.com. On March 23, 2020, the Supreme Court of the United States issued a decision in Allen v. Cooper, the closely-watched case testing the constitutionality of the Copyright Remedy Clarification Act of 1990 (the "CRCA"), which abrogated sovereign immunity to states for copyright infringement.
Avoid Underreporting the Value of Art
https://www.wealthmanagement.com/sites/all/themes/penton_subtheme_wealthmanagement/images/logos/footer.png Expert’s opinion successfully challenged in court. Amelia Brankov | Mar 26, 2020 Recently, in Estate of Kollsman v. Commissioner,1 the U.S. Court of Appeals for the Ninth Circuit affirmed the Tax Court’s 2017 ruling that an art collector’s estate significantly underreported the value of two artworks for estate tax purposes.
Second Circuit Affirms $6.75 Million Damages Award To 5Pointz Artists
To print this article, all you need is to be registered or login on Mondaq.com. In February 2018, we wrote a detailed summary of the procedural background of the case and Judge Block's decision (available here), and in September 2019 we summarized the parties' oral argument before the Second Circuit (available here).
Second Circuit Affirms $6.75 Million Damages Award to 5Pointz Artists | Lexology
In February 2018, we wrote a detailed summary of the procedural background of the case and Judge Block’s decision (available here), and in September 2019 we summarized the parties’ oral argument before the Second Circuit (available here). In a nutshell, in 2013, numerous aerosol artists sought to stop real estate developer Gerald Wolkoff and his real estate entities from destroying their aerosol works that were affixed to the developer’s warehouses located at the 5Pointz site.
Art Law in New York | Lexology
Use the Lexology Getting the Deal Through tool to compare the answers in this article with those from other jurisdictions. Buying and selling Passing of title When does ownership of art, antiques and collectibles pass from seller to buyer? The passage of title to art, antiques and collectibles is generally governed by section 2-401 of the New York Uniform Commercial Code (NY UCC), which applies to sales of goods.
Art Law in New York | Lexology
Use the Lexology Getting the Deal Through tool to compare the answers in this article with those from other jurisdictions. Buying and selling Passing of title When does ownership of art, antiques and collectibles pass from seller to buyer? The passage of title to art, antiques and collectibles is generally governed by section 2-401 of the New York Uniform Commercial Code (NY UCC), which applies to sales of goods.
Jeffrey Marks | WealthManagement.com
Home Jeffrey Marks Jeffrey Marks Chairman of Tax Group, Frankfurt Kurnit Klein & Selz PC Jeffrey Marks is chairman of the Tax Group, and a member of the Corporate & Finance, Estate Planning, and Charitable Organizations Groups at Frankfurt Kurnit Klein & Selz PC in New York City. He has decades of experience advising public corporations, closely held businesses, and individuals in a variety of industries, including financial services, media, live entertainment and apparel.
A Year of High-Profile Cases
This year, while the litigation fallout from one massive art forgery scandal is nearing an end, new scandals have emerged. Some in the art market are questioning the time-honored tradition of anonymity in art purchases. Prosecutors in New York in several high-profile cases have seized ancient works on suspicion of wrongdoing. Here’s what you need to know.
Appraisal Relied on by Estate Undervalued Paintings By $1.77 Million
Recently, in Estate of Kollsman v. Commissioner (T.C. Memo. 2017-40), the U.S. Tax Court held that an art collector’s estate significantly underreported the value of two artworks for estate tax purposes. The problem: the estate relied on appraisals by an auction house specialist who had an incentive to “lowball” the appraisals to win the right to later auction the works.
Appraisal Relied on by Estate Undervalued Paintings By $1.77 Million
Auction house specialist had conflict of interest. Recently, in Estate of Kollsman v. Commissioner (T.C. Memo. 2017-40), the U.S. Tax Court held that an art collector’s estate significantly underreported the value of two artworks for estate tax purposes. The problem: the estate relied on appraisals by an auction house specialist who had an incentive to “lowball” the appraisals to win the right to later auction the works.
Conflicted Art Appraisals Lead to $1.77 Million Estate Tax Deficiency
Recently, in Estate of Kollsman v. Commissioner (T.C. Memo. 2017-40), the U.S. Tax Court held that an art collector’s estate significantly underreported the value of two artworks for estate tax purposes. The problem: the estate relied on appraisals by an auction house specialist who had an incentive to “lowball” the appraisals to win the right to later auction the works.
Conflicted Art Appraisals Lead to $1.770 Million Estate Tax Deficiency
Recently, in Estate of Kollsman v. Commissioner (T.C. Memo. 2017-40), the U.S. Tax Court held that an art collector’s estate significantly underreported the value of two artworks for estate tax purposes. The problem: the estate relied on appraisals by an auction house specialist who had an incentive to “lowball” the appraisals to win the right to later auction the works.
Congress Passes Important Law Governing Nazi-Looted Art Claims
A new law signed by former President Obama on Dec. 16, 2016 addresses the Nazis’ theft of hundreds of thousands of artworks, an event that Congress has called “the ‘greatest displacement of art in human history.’”1 That law, the Holocaust Expropriated Art Recovery (HEAR) Act of 2016, establishes a uniform, federal statute of limitations (SOL) for claims seeking the recovery of artwork and certain other objects that were confiscate
Avoiding Controversies Over Commissioned Artwork
Last year, a court in the Netherlands ruled in favor of collector Bert Kreuk on his claim that artist Danh Vō breached a commission agreement. The court ordered Vō to either produce new artwork for the collector within one year, or if the artist didn’t comply with that deadline, to pay a steep daily fine. If your client is an art collector who’s looking to commission artwork, here’s what you should know. Kreuk is a well-known Dutch art collector.
The Ups and Downs of Estate Valuations of Artwork
Last month, in Estate of Newberger v. Commissioner,1 the U.S. Tax Court found that a collector’s estate grossly underreported the value of an artwork for estate tax purposes by ignoring the fact that, in early 2010, less than seven months after the collector’s death, the artwork fetched at auction more than twice the amount the estate was claiming the work was worth at the time the collector died in mid-2009.
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