ARIS Speaks On: The Art Market

ARIS, the title insurer to the art wold, delivers some art industry News:

November 5, 2012 – Fake art may keep popping up for sale
THE NEW YORK TIMES – The persistent problem of the resale of fakes and forgeries in the global art market is receiving ever-growing attention, a problem which plagues artist foundations and estates, collectors, dealers and law enforcement agencies alike. There is no consistent or clear rule on how to handle fake or suspected fake artworks. Some works are stamped with notations about the work’s questionable authenticity, while others are seized or destroyed as part of criminal investigations. Still, most such works remain privately owned without any designation and the works eventually resurface to be traded in the market.   Access Full Text here.

November 5, 2012 – PricewaterhouseCoopers added as defendant in MF Global customer lawsuit
THE WALL STREET JOURNAL – Investors of MF Global Holdings Ltd., Jon Corzine’s defunct brokerage firm, have sued PricewaterhouseCoopers in United States District Court for the Southern District of New York alleging that the global accountancy firm was negligent in auditing the company’s books, breached its fiduciary duty to the company and to the company’s clients and knew or should have known that the company’s internal controls did not adequately safeguard customer assets.  Access Full Text here.