Fine Art Consignment in the time of COVID-19: How safe is your Art?
Insights March 30, 2020
As COVID-19/SARS-CoV-2 slithers insidiously among us, and fine art galleries, auction houses and fine art storage facilities shutter, the fine art market finds itself under considerable pressure. With no end in sight, the financial implications for art market professionals could be dire. Arnet reports that top-tier galleries are already implementing furloughs or layoffs, with Lévy Gorvy and David Kordansky Gallery among them. Institutions as seemingly-solid as the Metropolitan Museum of Art are struggling. Coronavirus is set to cost the Met a stated staggering $100 million and keep it closed until July, with layoffs on the horizon. While many are turning to online alternatives, the loss of in-person interaction and the shuttering of physical spaces will, no doubt, cut very deep into revenue streams and the longer it persists, the prospect of business failure looms large.
Sam Miller, Rimon Corporate Partner, advises clients in acquisitions and disposals, corporate finance, corporate and partnership structuring and shareholder, operating and buy-sell agreements, general corporate matters, supply, distribution, consignment and inventory management arrangements, and other commercial transactions. He has extensive experience in the metals and transportation industries as well as with technology start-ups, particularly token-driven blockchain businesses, and also advises clients active in the fine art markets. Sam is licensed in California, England and Wales, and South Africa, with specific expertise in all three jurisdictions. He is adept in helping his clients navigate the intricacies of cross-border business and inward investment. Sam has advised clients in a range of countries, including England, Spain, France, Turkey, Lithuania, Latvia, United Arab Emirates, Israel, South Africa, Hong Kong, South Korea, and the United States. Read more.
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