Issue/96/

FINE PRINT

Art Law Self-Help: Contracting
without a Contract

by ANTONY DAPIRAN

In the previous edition of "Fine Print," we saw how a recent New York court case between gallerist Larry Gagosian and collector Ronald Perelman exposed the risks of entering into high-value art transactions without the protection of a comprehensive written contract. Unexpected situations do arise: a deceased artist, a bankrupt gallery, a divorced collecting couple or any of life's other vicissitudes can cause sudden changes to previously trusted relationships, leading to disputes and the involvement of third parties. 

In such cases, a contract setting out clearly the
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