Alongside cherished items and individuals such as homes, cars, pets, and children, works of art are one of the many things to which married couples attach value throughout the course of their lives with one another. Art becomes both a commodity possessing monetary value and a priceless object of immeasurable sentimental worth. As such, art is a highly contested subject in many divorce proceedings which legal professionals must address. This program examines one of the central questions at the intersection of art, divorce, and the law: what must matrimonial practitioners and matrimonial judges do when dealing with art?
Panelists will discuss the common issues encountered when negotiating art settlements. They will also highlight well-known case studies that have defined the ways in which legal professionals understand art as property subject to redistribution in divorce.
Issues discussed in the program include:
- Who is the client (art dealer, private collector, artist, etc.) and the ways that information impacts the valuation and distribution of art in divorce cases.
- Pre-nuptial agreements and the ways that artists, collectors, and dealers can protect their art when going into a marriage.
- Defining “marital” and “separate” property as the distinction relates to works of art.
- Ways to distribute property in divorce cases in which there is no existing pre-nuptial agreement.
- Uniform Standards of Professional Appraisal Practice (USPAP) for establishing the free market value of works of art and other ways for establishing the value of works of art through appraisal.
- Receivership and art sales as means of resolving disputes.
Moderator: Hon. Matthew Cooper, NYS Sup. Ct., Civil Term, Matrimonial
Faculty: Dror Bikel, Bikel & Schanfield; Alan Feigenbaum, Alter, Wolff & Foley LLP; Lois J. Liberman, Blank Rome LLP