Art
Can New Technology Bring Authentic And Transparent Trust To The Art World? Like VIN Numbers For Art-Works. – Forbes
In 1987, I was lucky enough to attend the auction of Vincent Van Gogh’s Vase With Fifteen Sunflowers at Christie’s in London. At the time, the sale price of $39.7 million was staggering. Inflation- adjusted, that’s $127 million today. Two years later, in 1989, the Dallas Cowboys were sold for $140 million. In November 2017, Leonardo Da Vinci’s, Salvator Mundi, was sold for over $450 million. The prestige associated with rare assets (Forbes estimates that the Dallas Cowboys are now valued at over $5.7 billion) has a lot to do with the market value of uncommonly traded assets. Still, authenticating the origin and history of a sports team is easy. But to do the same thing for expensive artworks has always been incredibly difficult.
The art market has seen extraordinary growth in its size and the value of its assets over the past 25 years and longer. Living artists are now able to sell their artworks at significant values at market entry – what are called primary market sales – during their lifetime and to see significant rises in the value of their art including in the secondary market. This is a relatively new experience for the market. History’s old masters and more modern artists never got to experience these trends during their lifetimes. Art market auction sales tipped $50 billion in 2021, and the unofficial private sector of the market is probably another $50 billion. Think about a $100 billion annual sales industry, that is based on trillions of dollars of assets, that all need to be authenticated, secured and monitored for many different purposes ranging from insurance to sales values and other market opportunities.
Our guest for today’s podcast is Lawrence Shindell, he is the Chairman, President and CEO of LMI Group International, Inc., headquartered in New York. LMI Group is a strategic investment bank-like firm that represents artwork owners and investors in the authentication underwriting and market release of major orphaned artworks – artworks that the data strongly indicate are by blue-chip artists and have expected market values between $15,000,000 and $200,000,000. A trial lawyer by background, Mr. Shindell holds licenses in a number of U.S. jurisdictions including admission to the Bar of the Supreme Court of the United States. Before founding LMI Group in early 2018, Mr. Shindell served as the Chief Executive Officer of a regulated U.S. title insurance company catering to the international art industry.
His insights about the art market and its needs and trends over the next decade – ranging from technologies to solve the challenges of art object identification and authenticity to NFTs – provide a glimpse into a very complex industry sector. It is often said that the world’s art serves as the tree rings of society. Advances in technologies can bring efficiency to this market sector just as technology has brought efficiency to other markets, and can give us a sense of comfort about the integrity of these high value assets as we visit art museums, collect art, invest in art, or engage in and around art in many other ways.
Artwork, both old and new, and both digital and physical, make up a huge market that offers cultural engagement as well as incredible economic upsides for investors who invest in art. Improvements in four areas can change the level of comfort for investors.
- Anti-money laundering – legislation that is increasingly offering transparency but also putting pressure on market actors to verify source of funds, and seller and purchaser legal status and identity, whether for purchasing or selling art or using art as collateral for loans, for example.
- The advent of the blockchain and more recently NFTs are revolutionizing the ways in which we link irrefutable identifying references to physical and digital art, as these assets journey through the market via purchases, gifts, sales, exhibitions and events of condition-conservation among other events, and in the case of NFTs, especially as a medium in which to create art in the first instance, as a means to create verifiable fractional and complete ownership interests.
- Different technologies will separately allow us to imprint identifications on existing, secondary market physical works that can distinguish these objects from copies and also enable a conclusive linking of the information around the object captured via the blockchain to the exact physical object.
- Advances in artificial intelligence and machine learning science and technologies that can aide traditional measures to appraise and verify art in complement with these other technologies.
The idea of reliable object identification is nothing new. We use VIN numbers for automobiles and CUSIP numbers for the securities industry. And we use DNA markers to authenticate the origin and history of, for example, cloning material.
Hollywood has been using tales of the historical art world for decades, the most known example is perhaps the 1999 version of The Thomas Crown Affair, starring Pierce Brosnan and Rene Russo in the lead roles. While interests and tastes in the art world have evolved from old masters to modernists to an expansive contemporary art market today, the art market as a whole shows no signs of slowing down.
NEW YORK, NEW YORK – JUNE 29: Sir Tim Berners-Lee auctions the source code for the World Wide Web as … [+]
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We can expect to see continued rapid growth including with the introduction of NFTs and factional ownership options. Each of the issues just highlighted are central to LMI Group and its specialization in authenticating to conclusive factual standards culturally and historically important works of art that have been lost to history but can reliably be reintroduced to the cultural sector, and in applying its expertise to cultural heritage initiatives that involve complex authentication of historical objects and information.
LMI Group is at the forefront of advances that are designed to enable objective, data-based analyses and decision-making in the art and cultural heritage sector.
Art
Calvin Lucyshyn: Vancouver Island Art Dealer Faces Fraud Charges After Police Seize Millions in Artwork
In a case that has sent shockwaves through the Vancouver Island art community, a local art dealer has been charged with one count of fraud over $5,000. Calvin Lucyshyn, the former operator of the now-closed Winchester Galleries in Oak Bay, faces the charge after police seized hundreds of artworks, valued in the tens of millions of dollars, from various storage sites in the Greater Victoria area.
Alleged Fraud Scheme
Police allege that Lucyshyn had been taking valuable art from members of the public under the guise of appraising or consigning the pieces for sale, only to cut off all communication with the owners. This investigation began in April 2022, when police received a complaint from an individual who had provided four paintings to Lucyshyn, including three works by renowned British Columbia artist Emily Carr, and had not received any updates on their sale.
Further investigation by the Saanich Police Department revealed that this was not an isolated incident. Detectives found other alleged victims who had similar experiences with Winchester Galleries, leading police to execute search warrants at three separate storage locations across Greater Victoria.
Massive Seizure of Artworks
In what has become one of the largest art fraud investigations in recent Canadian history, authorities seized approximately 1,100 pieces of art, including more than 600 pieces from a storage site in Saanich, over 300 in Langford, and more than 100 in Oak Bay. Some of the more valuable pieces, according to police, were estimated to be worth $85,000 each.
Lucyshyn was arrested on April 21, 2022, but was later released from custody. In May 2024, a fraud charge was formally laid against him.
Artwork Returned, but Some Remain Unclaimed
In a statement released on Monday, the Saanich Police Department confirmed that 1,050 of the seized artworks have been returned to their rightful owners. However, several pieces remain unclaimed, and police continue their efforts to track down the owners of these works.
Court Proceedings Ongoing
The criminal charge against Lucyshyn has not yet been tested in court, and he has publicly stated his intention to defend himself against any pending allegations. His next court appearance is scheduled for September 10, 2024.
Impact on the Local Art Community
The news of Lucyshyn’s alleged fraud has deeply affected Vancouver Island’s art community, particularly collectors, galleries, and artists who may have been impacted by the gallery’s operations. With high-value pieces from artists like Emily Carr involved, the case underscores the vulnerabilities that can exist in art transactions.
For many art collectors, the investigation has raised concerns about the potential for fraud in the art world, particularly when it comes to dealing with private galleries and dealers. The seizure of such a vast collection of artworks has also led to questions about the management and oversight of valuable art pieces, as well as the importance of transparency and trust in the industry.
As the case continues to unfold in court, it will likely serve as a cautionary tale for collectors and galleries alike, highlighting the need for due diligence in the sale and appraisal of high-value artworks.
While much of the seized artwork has been returned, the full scale of the alleged fraud is still being unraveled. Lucyshyn’s upcoming court appearances will be closely watched, not only by the legal community but also by the wider art world, as it navigates the fallout from one of Canada’s most significant art fraud cases in recent memory.
Art collectors and individuals who believe they may have been affected by this case are encouraged to contact the Saanich Police Department to inquire about any unclaimed pieces. Additionally, the case serves as a reminder for anyone involved in high-value art transactions to work with reputable dealers and to keep thorough documentation of all transactions.
As with any investment, whether in art or other ventures, it is crucial to be cautious and informed. Art fraud can devastate personal collections and finances, but by taking steps to verify authenticity, provenance, and the reputation of dealers, collectors can help safeguard their valuable pieces.
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Ukrainian sells art in Essex while stuck in a warzone BBC.com
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The Courtauld Gallery at Somerset House has reopened its doors to the public after a fire swept through the historic building in central London. While the gallery has resumed operations, the rest of the iconic site remains closed “until further notice.”
On Saturday, approximately 125 firefighters were called to the scene to battle the blaze, which sent smoke billowing across the city. Fortunately, the fire occurred in a part of the building not housing valuable artworks, and no injuries were reported. Authorities are still investigating the cause of the fire.
Despite the disruption, art lovers queued outside the gallery before it reopened at 10:00 BST on Sunday. One visitor expressed his relief, saying, “I was sad to see the fire, but I’m relieved the art is safe.”
The Clark family, visiting London from Washington state, USA, had a unique perspective on the incident. While sightseeing on the London Eye, they watched as firefighters tackled the flames. Paul Clark, accompanied by his wife Jiorgia and their four children, shared their concern for the safety of the artwork inside Somerset House. “It was sad to see,” Mr. Clark told the BBC. As a fan of Vincent Van Gogh, he was particularly relieved to learn that the painter’s famous Self-Portrait with Bandaged Ear had not been affected by the fire.
Blaze in the West Wing
The fire broke out around midday on Saturday in the west wing of Somerset House, a section of the building primarily used for offices and storage. Jonathan Reekie, director of Somerset House Trust, assured the public that “no valuable artefacts or artworks” were located in that part of the building. By Sunday, fire engines were still stationed outside as investigations into the fire’s origin continued.
About Somerset House
Located on the Strand in central London, Somerset House is a prominent arts venue with a rich history dating back to the Georgian era. Built on the site of a former Tudor palace, the complex is known for its iconic courtyard and is home to the Courtauld Gallery. The gallery houses a prestigious collection from the Samuel Courtauld Trust, showcasing masterpieces from the Middle Ages to the 20th century. Among the notable works are pieces by impressionist legends such as Edouard Manet, Claude Monet, Paul Cézanne, and Vincent Van Gogh.
Somerset House regularly hosts cultural exhibitions and public events, including its popular winter ice skating sessions in the courtyard. However, for now, the venue remains partially closed as authorities ensure the safety of the site following the fire.
Art lovers and the Somerset House community can take solace in knowing that the invaluable collection remains unharmed, and the Courtauld Gallery continues to welcome visitors, offering a reprieve amid the disruption.
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