Estate fallouts expose challenges of posthumous art ownership
Recent US lawsuits, including a row over underpricing, reveal weaknesses in the market
The estate fallouts highlighted in the reports expose the challenges of posthumous art ownership, particularly in the US. John Moody, an Oregon man, has filed a lawsuit in an attempt to reverse the sale of dozens of Chinese paintings at an estate sale, believing they could be worth substantially more. This case comes amid a surge in lawsuits and convictions in the US, demonstrating the ease with which disputes can arise following the death of an artist or collector.
Sarah Barker, global co-head of art law at Withers, notes that while online inventories and data are aiding planning, human error and lack of structure can lead to issues for beneficiaries, especially for well-known artists. The reports also reference other notable cases, such as the Norval Morrisseau forgery trial in Canada, a Manhattan jury awarding $102m in damages to the Morgan Art Foundation, and the settlement reached between the relatives of the late photographer Mike Disfarmer and the Arkansas Museum of Fine Arts over posthumous prints.
These cases underscore the increasing number of artworks entering the market, leading to challenges in valuation and authentication.
Brief written by urgent.news from The Art Newspaper's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
