Art market

Andrew Salgado, our artist of the week

Andrew Salgado confronts concepts of identity face-on in his spectacular, large-scale works. The London-based Canadian artist is playful with media, effectively producing emotive, engaging images. We’re proud to have Andrew as part of the Tagsmart community!

Introducing Tagsmart’s Advisory Board

Tagsmart is honoured to introduce its Advisory Board comprising some of the world’s leading experts in the fields of arts and science. Its purpose is to assist Tagsmart in meeting its mission by sharing insights and knowledge on the art market needs and trends, as well as contributing to the latest scientific developments and applicable research.


We are proud to be supported by Dr Matthew Baker, Mike Triggs, Dr Carinna Parraman, Professor John Watts, Dr Melanie Bailey, Graham Bignell, Professor Bill Redman-White, Joanne Wilson, Aino-Leena Grapin, Amy Todd Middleton, Colette Loll and Mike Adam and grateful for their crucial insights and distinctive expert advice.

This dedicated trusted group of individuals shapes our business and is vital to our performance and engagement, ensuring our overall success in establishing a new standard for authenticity in art.

For more information, please visit www.tagsmart.com/about-us.

New law to root out counterfeit artwork in Korea

The Ministry of Culture, Sports and Tourism announced Thursday that it will legislate a new law regarding artwork distribution in an effort to root out the distribution of counterfeit works, recover public trust in Korea’s art market, and establish a healthy trading platform for creative crafts. The law will be implemented in August 2017.

The new law will divide art distribution into three major categories: art galleries, which will be subject to a registration system; art auctions, to a permit system; and other sales of artworks, to a reporting system.

Currently, art galleries or art auction houses can operate with only a business license, and without official registration or approval, which led to criticism that they lacked transparency and engaged in unfair practices in their art distribution process.

With the new law, however, art galleries will have to submit plans to prevent counterfeit artworks as well as a list of all of their affiliate artists. Auction firms will also have to provide counterfeit prevention measures, while possessing certain qualifications including at least 200 million won in capital, an official auctioneer, and an auction house.

Furthermore, artwork distributors will be obliged to maintain records for each of their artworks, and issue an official warranty when they’re sold. Failure to do so will also be result in fines and cancelled business licenses.

The law will implement stronger punishment for counterfeit crimes as well, by stipulating that these types of crimes be punishable by up to five years in prison or 50 million won in fines. The ministry will also consider the potential implementation of special judicial police specific to artwork fraud.

Meanwhile, the ministry is to establish a national body for artwork authentication, which will function as the official agency responsible for developing new authentication technology and professionals in related fields.

“The institute will be operated not as a government agency but as a public one, and will help improve Korea’s art authentication technology, as well as aiding with crimes, investigations, and trials related to counterfeit artwork,” said Jung. “It will be staffed by professional researchers and appraisers.”

The full details of the law are to be revealed in the first half of 2017.

Caveat emptor: why the art world is a legal landmine

It is a privilege afforded to lawyers to observe the problems faced by individuals, families and trustees in respect of their assets and seek to find solutions. Disputes concerning art, antiquities and cultural assets – sometimes more colourful and interesting than the object in question – can be particularly emotive.

One aspect that differentiates the market for art and antiquities from the trade in other valuable assets is that it is largely unregulated; anyone can buy and sell freely without having to comply with any prescribed formal requirements. As the value of such assets increase and the stakes get higher, so does the potential for things to go wrong. This can lead to interesting issues concerning, provenance, attribution, legal title and forgeries (to name a few examples).

The provenance and attribution of an artwork or antiquity are often key considerations. A connection to a well-known historic collection, or authorship by a renowned artist or maker can enhance desirability and thus add significant value. Of course, the reverse is also true in cases where the provenance or attribution turn out to be incorrect.

One can imagine the disappointment of finding out, as one of our client’s did, that artworks, which had been sold as being by a highly regarded artist whose works were in a European royal collection, were actually by a minor artist of no significance and worth many times less than the price paid.

Navigating between fact and ‘sales puff’ can often be a challenge. Does a statement that an artwork is of exceptional quality mean that it is unusually good, or is this just a statement of opinion by the seller? Buyers of art have to be cautious about readily accepting statements made about it. Even pre-eminent experts can sometimes have differing opinions. Matters such as attribution, and the physical condition of an artwork can be difficult to assess when restoration and underlying issues are not always visible to the untrained eye.

The case of Thwaytes v Sotheby’s provides a noteworthy example. Mr Thwaytes consigned a painting, The Cardsharps, to Sotheby’s for sale by auction, putting them on notice that it may be a work by the renowned old master, Caravaggio. Sotheby’s experts examined the painting, but took the view that it was a copy by an unknown artist. The picture could, of course, have sold for many multiples of the sale price had it been sold as a work by Caravaggio.

The buyer, a renowned art scholar, later identified the picture as being an autograph copy by Caravaggio himself. Mr Thwaytes sued Sotheby’s for negligence, but was unsuccessful; the court found that Sotheby’s had not breached their duty since there was nothing that would have been visible on a visual inspection that should have counteracted Sotheby’s view that the painting did not have Caravaggio ‘potential’. The case illustrates just how subjective authenticating a work of art can be.

Unscrupulous sellers - of which, unfortunately, there are a few around - will often make grandiose statements about the artworks/antiquities they are selling in order to secure a sale. It is, therefore, vital for any buyer to make sure that the object being sold is what it purports to be, or at least ensure that there is adequate protection in place should things go wrong.

Tagsmart at the Art Business Conference

Now in it’s third year, The Art Business Conference is a one-day conference held in central London, for art market professionals.

If you’re involved in buying, selling or caring for fine art or antiques – whether you are a gallery owner, manager, art advisor, auctioneer, private collector or professional advisor, this conference will explore the key issues affecting the international art market today.

Through presentations, Q&As, panel discussions, and workshops, industry experts will share advice and insights on many of the key factors in running a commercial art or antique business or collection – including the the latest updates in legislation.

Want a live demo of Tagsmart Certify? Join us at the Art Tech Pavilion to learn more about this completely unique approach to artwork security.

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Tagsmart offers smart, secure solutions for the 21st century art world, designed for the creators, sellers and buyers of art. A new standard for authenticity, Tagsmart Certify tackles the issue of buyers’ confidence head on. Providing an unique solution for art authentication and enabling the creation of a complete artwork provenance history, our products can be used individually or collectively, from physical smart tags featuring the latest DNA and inorganic taggants, to uncopiable Certificates of Authenticity and Digital Certificates which become passports over time. Tagsmart Certify has already been endorsed by leading contemporary artists including Marc Quinn, Mat Collishaw, Gary Hume and Idris Khan.

Another Chun Kyung-ja painting suspected of forgery

A series of travel sketches of the late artist Chun Kyung-ja, submitted for Seoul Auction’s summer auction on June 29, was suspected of being counterfeit and pulled from the auction soon after. An art critic claimed that the sketches pieced together artworks in Chun’s catalogue published in 1995 titled “CHUN, KYUNG JA.”

Chun’s “Travel sketches” was composed of 16 drawings with an autograph letter. The auction explained that Chun gifted the sketches to an acquaintance named Mr. Park in 1983, in celebration of his 50th birthday.

An anonymous art critic told Yonhap News Sunday that the sketches are similar to multiple paintings and sketches in the catalogue, mainly created during Chun’s travels.

Lee Ufan to take time to examine counterfeits of his paintings

Artist Lee Ufan, whose abstract paintings have become the subjects of art forgeries, took a look at the paintings the National Forensic Service identified as counterfeits for the first time Monday, but said he has yet to conclude if they are fakes. “I will come back (to the police) the day after tomorrow. There are things I have to check again,” said Lee as he left the Seoul Metropolitan Police Agency after having examined the paintings.