Art, Law & Markets

3 units

Tens of billions of dollars pass through art markets annually. Yet art is one of the most unregulated markets in the country. This course will explore art markets and the systems that regulate them. It will offer students an introduction to how art markets function and what distinguishes them both “mainstream” markets, i.e. , real estate and securities, and also from other markets for collectibles. It will also give students fluency in the set of legal issues related to the production, distribution, exhibition, and sale of works of visual art. Simultaneously, it will emphasize art as an economic asset and one that is increasingly included in diversified portfolios of high net worth individuals. The course will give significant attention to the myriad forms of art world transactions that together comprise this multi-billion dollar market and introduce students to the broad set of stakeholders and intermediaries in art markets, including artists, collectors, estates, and museums, as well as the supply side of galleries, art dealers, and auction houses. The course will also examine the unique market and legal challenges faced by museums, galleries, and art dealers, as well as artists, collectors, and consumers. Topics will include: how art functions simultaneously as a unique economic asset and as representative objects that define and shape cultural and political meaning; the gallery system; tensions that emerge in secondary markets for art, including the role of auction houses; moral rights; censorship; import/export regulations; estate planning for art; provenance and authenticity; art crimes, including, theft, forgery, and money laundering; self-regulation by museum associations; evolving rules governing cultural heritage; and the set of issues around stolen and looted art, including restitution, repatriation, and how to address “orphaned art.” Finally, the course will offer brief points of contrast between the regulation of art markets in the U.S. and major international markets, including Europe, the United Kingdom, and China. Course materials will include an art law casebook and legal material; non-legal scholarly and popular articles and podcasts drawn from myriad fields including economics, art, and art history; and recent art disputes, controversies, and scandals which serve a lens into exploring the course topics. Student grades will be based on a final examination and a group case study, as well as thoughtful and regular class participation. There are no prerequisites for the course.