August 16, 2012 – Britain stops export of key Picasso painting
REUTERS – The U.K. Committee on the Export of Works of Art and Objects of Cultural Interest has placed a temporary ban on the exportation of a Picasso painting dated 1901 entitled “Child with a Dove”, which was on loan to the National Gallery in London from 1974 until 2010. The owner is prohibited from removing the work from Britain until December 2012 or June 2013 if a public or private party based in the U.K interested in purchasing the work comes forward.
[ARIS Commentary: This Picasso-UK export case demonstrates how difficult it is for art collectors to anticipate countries’ cultural patrimony laws and to manage the risk of illiquidity and liens stemming from export or import violations. It would have been difficult to predict the art council’s decision that a painting by a Spanish artist, which was once on a long-term loan to a national museum, would be a sufficient nexus to the host country and basis to justify deferral of exportation of the work for sale.] Access Full Text