Noh Quoted in Emirates "Open Skies" Article on Art Fraud
In a recent article published by Emirates Open Skies magazine, Partner Megan Noh, Co-Chair of Pryor Cashman's Art Law Practice examined the current challenges facing the art market due to the increase in sophisticated forgery techniques.
The article, titled "Art Fraud is Both A Science and an Art," investigates the shift seen in the art world following the Knoedler gallery scandal, in which Pryor Cashman represented the Hilti Family Trust plaintiff, and which author Adrienne Bernhard calls "the greatest art scandal of all time."
Bernhard notes that art fraud has "tremendous financial consequences for both individual buyers and the market as a whole." In order for buyers to protect themselves, "[it] takes a team of experts, including art historians, lawyers, materials scientists and researchers to authenticate works of art...[these] professionals perform the most rigorous due diligence to identify fakes and forgeries, protect high stakes bids, and ensure that buyers go home with a bonafide treasure."
According to Noh, buyers should be taking specific precautions to help assess the risk of a purchase. Noh states that "[sophisticated], high-net-worth clients may want to perform the same level of due diligence prior to an artwork purchase that they would undertake for a different investment, such as real estate, but need help navigating what that diligence looks like for this unique asset class."
To read the full article, click here.
More About Noh’s Practice
Megan Noh is a partner in Pryor Cashman's Art Law Group. With nearly 15 years of combined experience in private practice and both in-house legal and business positions in the auction world, Megan has extensive knowledge of the complex issues impacting today’s art market. Her clients include auction houses, collectors, galleries, individual artists, estates and non-profits, whom she counsels on a range of transactional and litigation matters.
Learn more about Megan here.
