ART LAW DAY
Friday, November 12, 2010, 8:30am – 5:30pm
Sponsored by Heritage Auctions
Co-produced by New York University/School of Continuing and Professional Studies
and the Appraisers Association of America
On Friday, November 12, 2010, join the Appraisers Association of America and the New York University School of Continuing and Educational Studies for a one-day conference with a range of experts addressing fresh and timely art law topics, including the complexities of art insurance claims, expert opinions and liabilities, mediation, update on new IRS regulations, and USPAP and title issues. Top experts from the legal and appraisal fields address a wide range of fresh and timely art law topics. From current legal issues in art insurance to intellectual property concerns to changes in the art tax environment, this conference is ideal for all those who work in the related fields of art insurance, art law, cultural property law, the appraisal and art business professions, and for those who collect and want to know more about legal issues in the arts. Register now!
ART LAW DAY SCHEDULE
8:30 – 9:00am
Check-in and Coffee
New York University Law School
D’Agostino Hall, Lipton Hall, 108 West 3rd Street, NY
9:00 - 10:00am
Expert Opinions and Liabilities
Judith Bresler, Withers Bergman LLP, NY
Richard Altman, The Law Offices of Richard A. Altman
James S. Martin, Orion Analytical LLC
A discussion of the common theories of liabilities incurred by those who provide expert opinions, including an in-depth discussion of the Marchig vs. Christie’s case and the theories of liability involved, i.e. breach of fiduciary trust, breach of warranty, negligence, and negligent misrepresentation, as well as a discussion of the supporting scientific evidence, including a discussion and dispute of the scientific evidence presented.
10:00 - 11:25am
If Mediation’s So Great, Why Isn’t It Used More?
John Barrie, Bryan Cave LLP, NY
Tom Kline, Andrews Kurth LLP, NY
Judith Prowda, Sotheby’s Institute of Art, NY
Christopher A. Marinello, Art Loss Register, UK
Moderator: Elayne Greenberg, St. John’s University School of Law, NY
Dispute resolution through mediation - an option parties ought to always consider even if not ultimately utilized - will be the focus of this panel. Discussion will include a brief overview of the structure and role of mediation, differences between mediation and arbitration, and the role of ethics and communication in negotiation. Using impasse as an entrée to negotiation, panelists will discuss the value of negotiated resolution as an alternative to litigation and provide case studies concerning tax issues, museum collections, auction houses and more.
11:35am - 12:45pm
The Complexities of Art Insurance Claims
Steve Pincus, DeWitt Stern Group, NY
Dorit Straus, Chubb Group of Insurance Companies, NY
Sylvia Leonard Wolf, AAA, Sylvia Leonard Wolf Inc., NY
Moderator: John Cahill, Lynn & Cahill LLP, NY
Was insurance coverage available for the painting recently reported as "lost" by a dealer who could not remember what he did with it during a night of carousing on the town? Why don't insurers treat consigned art as "stolen" when a dealer sells it but does not pay the owner the sale proceeds? What happens if a damaged artwork can be repaired, but the artist will no longer acknowledge it as his work? While many art insurance claims are quickly paid, some are fraught with complexity. Join a panel of experts who will examin these issues and explain what happens when a claim for loss or damage to art arises. In addition to reviewing valuation clauses, subrogation limits, and the expectations and roles of those involved in the claim process (e.g. insureds, brokers, and insurance companies), recent cases and legal issues will be considered. Come prepared to learn about how the claim process really works from underwriting to claim through the appraisal and dispute resolution process.
12:45 - 1:45
Lunch (on your own, list of cafes and restaurants provided)
1:45 - 3:10pm
Joseph Bothwell, Chair, Commissioner's Art Advisory Panel, Internal Revenue Service, Washington DC
Susan Kassel, Counsel, Internal Revenue Service Office of Chief Counsel, Washington DC
Nancy J. Lee, Counsel, Internal Revenue Service Office of Chief Counsel, Washington DC
Moderator: Paul Roy, Withers Bergman, CT
The Art Advisory Panel of the Commissioner of the Internal Revenue Service (IRS), under the new direction of chair Joseph Bothwell, reviews and evaluates the acceptability of appraisals submitted by taxpayers in support of FMV claims on artwork or cultural property involved in Federal Income, Estate and Gift taxes in accordance with the Internal Revenue Code. In addition, with the support of IRS staff, the Panel reviews appraisals of taxpayer cases on art works not referred for audit. This panel will update attendees on IRM changes, new tax regulations and procedures- including electronic submissions, and the enforcement of appraisal penalties.
3:20 - 5:30pm
An Interpretation of USPAP Guidelines
Karl Geercken, Alston + Bird, NY
Jane C.H. Jacob, AAA, Jane Jacob Fine Art, NY
Paula Konikoff, JD, MAI, Former Vice-Chair, Appraisal Standards Board, NY
Judith Pearson, ARIS Corporation, CO
Moderator: Amy Goldrich, Law Office of Amy J. Goldrich, NY
The Uniform Standards of Professional Appraisal Practice (USPAP) is the predominant governing code of ethics used by professional appraisers to produce reports for tax and settlement purposes. What issues and trends in the world of fine art and collectibles present the most challenging questions for those who must write and evaluate USPAP-compliant reports? What nuances are included when these reports are used to settle legal issues, and what do appraisers need to know about how their reports are being treated by judges in contested court actions? What do lawyers need to understand about the distinctions of USPAP as it is applied in the marketplace for fine art and collectibles?
5:30 – 7:30pm
Art Law Reception
New York University D’Agostino Hall, Faculty Club, 108 West 3rd Street, Faculty Club, across the lobby from Lipton Hall.
Gala Reception with special presentations, awards, and cocktails celebrating the 25th Anniversary of the NYU/SCPS Appraisal Studies Program and the collaboration between NYU/SCPS and the Appraisers Association of America and New York University Law School School of Continuing and Professional Studies. Immediately folllowing Art Law Day.
Sponsored by Withers Bergman, LLP
ART LAW DAY REGISTRATION INFO
Art Law Day is not included in Conference registration; Register directly with NYU/SCPS here.
Attorneys, please note: this program is eligible for 8.5 non-transitional CLE credits in the category of professional practice. AAA members please note: this program provides 8.5 CPD points.
Financial aid: For those facing financial hardship, applications are available for financial aid.
Call NYU/SCPS at 212.998.7289 or write firstname.lastname@example.org for assistance.
$175 for AAA, ISA, ASA, RICS, NYU students, NYC Bar Association
$200 General Admission