Understanding the Three Key Relationships in the Art World: Gallerist, Art Advisor & Collector

This course covers some of the most important and least understood legal issues regarding art gallerists, art advisors, and collectors. It explores (i) the conflicting obligations of gallerists in the “primary” and “secondary” markets; (ii) the fiduciary and agent duties of the art advisor; (iii) and the particular exposure of the collector resulting from U.C.C. provisions controlling art transactions.

Each component will provide a structured account of the legal regime and its practical relevance to the art context actor. The course is especially relevant in light of the evolution of hybrid gallerist-dealers in response to the challenges to the brick-and-mortar gallery/Leo Castelli model posed by globalized art market developments.

Learning Objectives:

1. Explore the obligations of gallerists in various markets
2. Identify the fiduciary and agent duties of art advisors
3. Examine the U.C.C. provisions controlling art transactions, and their effects on the art collector’s role