A Case for Fine Art Title Insurance

Aris, the art title brokerage has emailed an alert referencing a London Evening Standard report of a stolen painting by Winslow Homer (see iamge), Sotheby's NY and an English lawsuit to reclaim the painting.  The painting was stolen in the 1980's, was rediscovered at the Antiques Roadshow in 2008 and was later offered for sale through Sotheby's in 2009. Sotheby's pulled the painting form the sale upon learning of the disputed title, but so far has not returned the painting to the claimed proper owner.

The scenario fits well with Aris and having title insurace on fine art.  If you are interested in this topic, think about attending the International Society of Appraisers conference in Kansas City in April 2014, where  Judith Pearson, President and Co-Founder, ARIS Companies will talk about how title defects in fine art may effect appraisals.  This in addition to other speakers such as Michael Findlay Director Acquavella Galleries and author of The Value of Art, and Scott Miles, Director, Corporate Strategy at Artfact, LLC. It is sure to be another in a long line of outstanding ISA conferences.

The London Evening Standard reports

A woman who claims she is the owner of a £100,000 painting which was put up for sale at Sotheby’s is taking the auction house to court to get it back.

Shirley Rountree says her family own Winslow Homer’s Children Under a Palm Tree and accuses the auctioneers of “wrongfully” refusing to return it.

Four years ago the painting, which was valued by experts on Antiques Roadshow, was withdrawn from sale minutes before it was to go under the hammer after her son intervened.

Ms Rountree, 60, who lives in Kensington, has now issued High Court proceedings to get it back.

She is a descendant of British colonial administrator Sir Henry Arthur Blake, who was given the 1885 painting of his children by the artist during his tenure as Governor of Bahamas.

In papers lodged at the court, her lawyers state: “The claimant is entitled to the return of the painting but the defendant has wrongfully refused to return it and continues to do so.”

The artwork appeared on Antiques Roadshow in 2008 after being found on a tip in County Cork, Ireland, about 20 years ago. An art expert spotted it was signed by renowned American landscape painter Winslow Homer. The painting, valued at £100,000, was then handed over to Sotheby’s New York for auction in May 2009.

But Ms Rountree claims it had been stolen from her family estate, Myrtle Grove, near where it was found. The court papers state: “On a date unknown to the claimant the painting was stolen from the claimant’s home.”

Ms Rountree’s son Simon Murray was in New York the week of the sale and his mother asked him to stop it.

At the time, Mr Murray, a barrister, said: “She was distraught.” He said the family home suffered several break-ins in the early Eighties.

A Sotheby’s spokesman said: “Sotheby’s is aware that there is an ownership dispute between the consignor and a third party and considers that it is a matter for the court to decide the issue of ownership as between them.”

Source: London Evening Standard