The Pace galleryA leading contemporary art gallery, has hired a new legal counsel to expand its digital services. The gallery, which has outposts around the world, has hired Haley Klein for that role. Prior to his new position, Klein was a lawyer at the New York law firm Willkie Farr & Gallagher.
Klein advised Pace Gallery as a client while he was a private practice lawyer. She was on the legal team and advised Pace Gallery on a joint venture to sell Financier’s Donald Maron art collection. When he died in 2020, his vast collection was worth more than $ 300 million. The law firm was asked to represent Donald Maron’s property when selling his work. This project gave clients access to the Pace Gallery and ultimately helped her take on the role of legal counsel.
Klein joins as the gallery expands to digital art and NFT realms
“Her move is in the midst of a plan to expand the pace to the next area. Digital art and non-fungible tokens, Or NFT, and several projects are underway in that area, “said Marc Glimcher, CEO of Pace Gallery. Grimcher has a long career as a dealer and is considered a power player in the international art scene.
Under Grimcher’s leadership, Pace Gallery accepts payments for all digital and physical artwork for cryptocurrencies. “I’m a cryptocurrency person. I’ve had cryptocurrencies for a while,” Glimcher commented.
Headquartered in New York City, Pace Gallery maintains a global business. It has eight locations in New York, London, Hong Kong, Palo Alto, Seoul, Geneva, East Hampton and Palm Beach.
Pace Gallery is a modern and contemporary art gallery that represents more than 70 artists and estates. Founded in 1960 by Arne Glimcher, the father of current CEO Marc Glimcher, the gallery has built an international reputation. In addition, he has maintained decades of relationships with artists such as Mark Rothko, Barbara Hepworth and Alexander Calder.
Record sales of digital art can transform your business
Considered by well-known art galleries and artists Digital art and NFT To be a force of change that has the potential to reshape the art business. As a result, traditional players in the art world are always trying to keep up with the latest developments.
The world’s leading auction houses recorded record sales in 2021. Christie’s reported sales of $ 7.1 billion. Sotheby’s sales, comparable to Christie’s auction house, were $ 7.3 billion. Sotheby’s states that 2021 was the strongest selling year in 277 years of history. Meanwhile, Philips, a small auction house, celebrated its breakout year and reported sales of $ 1.2 billion.
“Our clients are agnostic to broader economic conditions, but motivated by passion, and now know that they can work well in uncertain situations,” said Christie’s CEO Guillaume Celty. Says. “High inflation helps us because people want something like art that doesn’t lose value. It makes our market resilient.”
NFTs gained a significant share of high-end sales, even though they recently began to gain mainstream attention in early 2021. This fad was triggered by Christie selling artist Beeple’s digital art collage as an NFT for $ 69 million.
NFT sales accounted for $ 150 million, or 8%, of 2021 contemporary art sales. Philips found all NFT buyers for sale and said many sales reached millions of dollars. Sotheby’s completed its first NFT sale in April 2021 for $ 16 million. Nifty Gateway, NFT’s online auction platform. In October, Sotheby’s launched its own NFT Marketplace. Sotheby’s Metaverse..
Some prominent art galleries, such as Pace Gallery, Acquavella Galleries, and Gagosian Gallery, want to snap the NFTs of their collections. In August 2021, New York-based Acquavella Galleries made a major investment in the NFT platform Makers Place.
Private collectors are trying to introduce the purchase of NFT art
Many individual art collectors intend to display their NFT art purchases on a wall-sized LED screen at home. Collectors who have spent millions of dollars buying digital art want to find a way to show them off beyond a small phone screen. Many people are looking for a creative frame.For example, based in New York Infinite object Build a display that wraps NFT art in a box-like structure. These frames surround the screen on which the NFT art video is projected.
A wide range of legal topics for the new general counsel
In her new role, Klein needs to keep up with the latest NFT-related legislation. This early legal field touches on many intellectual property issues related to copyright and licensing. As a corporate lawyer for an international art gallery, she encounters a wide range of legal topics, including trust and real estate law, business law, litigation, real estate law, and money laundering prevention regulations.
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