Should the Art Market Be More Heavily Regulated?
Stephen Brodie was quoted in an Artsy editorial which summarized five key takeaways from Deloitte’s 2016 Art & Finance Report. In that report, Stephen opined on the lack of transparency in the art market and whether self-regulation among art professionals and art collectors, rather than government regulation, is the preferred solution. “The lack of transparency clearly leads to title problems and, arguably, reduces trust and depresses values in the long run. However, it is hard to see how this can change without the support of the big stakeholders in the art business,” Brodie said. He told the publication that alternatives like title insurance could increase confidence in the art market, but the idea has not found widespread support. In the meantime, Brodie advises that any buyer or asset-based lender contemplating an important transaction hire experienced and sophisticated advisors, including an attorney.