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Is the art market unregulated?

By Intellectual Property Law, Esq.

Writing at the NY Times Opinionator Blog, William Cohan says yes, it's "utterly unregulated." The Art Market Monitor begs to differ:

"This handy art world cliche is silly. The art world is governed by all the rules and regulations of the commercial code. . . . The authenticity of art is regulated by a vast network of scholars and museums. The case of the Norsigian negatives is a terrific example of how well the system works with a hive of experts appearing instantaneously to dismantle claims and offer a convincing alternative theory."

Speaking of the Norsigian negatives, the NYT reports today that "The Ansel Adams Publishing Trust, which controls the licensing rights to Adams?s work, filed a federal trademark infringement suit Monday in San Francisco as part of an effort to block the sale of prints by Rick Norsigian, a Fresno contractor who bought the negatives 10 years ago for $45. The suit argues that Mr. Norsigian and a consulting firm run by his lawyer, Arnold Peter, have 'acted knowingly, willfully and with malice' in marketing the negatives as Adams?s work."

Finally, in related, and breaking, news: Why You Can't Always Trust Art Dealers.

Full post as published by The Art Law Blog on August 24, 2010 (boomark / email).