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Copyright Law

: The Art Law Blog

Third-Party Guarantee

By Intellectual Property Law, Esq.

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At Christie's last night, a Picasso was sold by Jerome Fisher, a founder of the footwear company Nine West and (according to the NYT's Carol Vogel) "a victim of the Bernard L. Madoff swindle," for $14.6 million. The WSJ's Kelly Crow adds some further detail:

"Before the sale, the auction house had signed up outside investors to promise the seller of the Picasso a prearranged price for the painting. In exchange, the investors were promised a cut of any profits should the work sell to another bidder for an even greater price, an arrangement called a third-party guarantee. During the sale, the anonymous investors bid on the Picasso but were ultimately outbid."

Full post as published by The Art Law Blog on May 07, 2009 (boomark / email).

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