“Collectors, artists, and lawyers”

http://www.economist.com/news/business/21567074-fear-litigation-hobbling-art-market-collectors-artists-and-lawyers

This article discusses the increase in lawsuits, and threats of lawsuits, over experts authenticating pieces of art.  This has led to experts and foundations ceasing to authenticate works.  According to the Economist:

“All this is bound to hurt sales. Already the top of the art market is suffering, says Véronique Wiesinger, the chief curator at France’s ministry of culture. As scholars grow reluctant to give opinions, forgers find it easier to circulate their wares.”

Some experts have stopped publishing catalogue raisonne, or a comprehensive list of genuine works.  This hurts the industry because, “[s]ales typically increase, sometimes dramatically, upon publication of a catalogue raisonné because buyers like knowing which pieces the artist’s estate or other authorities have declared genuine. If a good new catalogue raisonné of Modigliani drawings were published, sales worldwide would rise by about a fifth, reckons Christophe Van de Weghe, a New York art dealer.”

Should lawyers consider the larger impact of these types of suits? Could waivers be a solution?

 

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