Faithless Servants and the Law: Fine Art Dealers Beware

Summary

On 27 February 2017, a New York State Court held that Lisa Jacobs, a fine art dealer and private curator, breached the fiduciary duties she owed to the seller of an artwork entitled Future Sciences Versus the Man by artist Jean Michael Basquiat (the “Work”). As a result of her disloyalty, the Court ordered Jacobs to pay to the seller the $1 million in secret profits plus $50,000 compensation she earned for the sale of the Work along with interests, costs and disbursements.

Additional Info

  • Number of Pages: 3
  • Topic: Art Law

About the Author

Constantine Cannon LLP

CONSTANTINE CANNON LLP is an internationally recognized law firm focusing on Antitrust Litigation and Counseling. They also specialize in matters of commercial litigation; intellectual property and technology; representing whistleblowers under the False Claims Act and Dodd-Frank Act; government relations; government agency advocacy; corporate compliance, monitoring and investigation; and electronic discovery consulting.

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