S. Law & Finance of the Art Market

Course Information

Course Number
L8422
Curriculum Level
Upperclass
Areas of Study
Commercial Law and Transactions, Lawyering
Type
Seminar

Section 002 Information

Instructor

Section Description

The global art market has been increasing vastly in scale over the past decade. In 2022, according to the Art Basel and UBS Global Market Report, sales by dealers and auction houses increased by 3% over 2021 to $67.8 billion after a 29% year to year increase in 2021. There has also been a movement of the market into the virtual sphere. Art is increasingly being viewed as an asset class. Art transactions are now often highly structured capital market transactions. After years of the art market functioning largely on handshakes without a great deal of legal documentation the market is changing and more transactions are being documented as sophisticated financial transactions.

This class will explore the intersection of art, finance and law, The course will begin with an overview of the art market, the roles of the different players and the legal issues involved when art is an asset class. We will study and analyze financing structures where art is the collateral. During two of the class sessions we will work in teams to develop a structure for an art financing. In addition each student will be asked to prepare a paper on a topic related to the course. We will consider issues of access to capital and how the increasing monetization of the art market impacts artists, investors, dealers and museums.

Experts from the art market - artist,, collector, gallerist, investor,, appraisers/valuation experts and a museum director - will join us as guests.

School Year & Semester
Spring 2024
Location
JGA Greene Annex Lounge
Schedule
Class meets on
  • Tuesday
4:20 pm - 6:10 pm
Points
2
Method of Evaluation
Paper
J.D Writing Credit?
Minor (automatic)
Major (only upon consultation)
LLM Writing Project
Automatic

Learning Outcomes

Primary
  • Lawyering skills and transactional design
Secondary
  • General deals skills

Course Limitations

Instructor Pre-requisites
None
Instructor Co-Requisites
None
Recommended Courses
None
Other Limitations
None

Additional Section for S. Law & Finance of the Art Market

Section 001

School Year & Semester

Fall 2023

Instructor

Location

WJWH 417

Schedule

Class meets on
  • Tuesday

Points

2

Section 001

School Year & Semester

January 2024

Instructor

Location

WJWH 417

Schedule

Class meets on
  • Monday
  • Tuesday
  • Wednesday
  • Thursday
  • Friday

Points

1
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