While the art world focuses on the opening of Art Basel Miami the Art News headlines included this story about Inigo Philbrick, the latest modern art dealer to have created a scandal. What is unusual about this one is the fast rise to prominence of this 32-year-old private dealer who had neither a family fortune nor an art-dealing family who is now accused of selling the same work to multiple investors and ‘kiting transactions” to appear solvent.
We have written in the past about the importance of perfecting consignment rights with a UCC filing and the importance of having clear title to works when purchasing art.
Transactions in the art world continue to be opaque and it is important that buyers, investors and consignors complete due diligence to ensure their art investments are protected. Click here to read more.