This article examines art transactions as investment contracts. It posits that the art investor could benefit from the same preventive and remedial regulations imposed upon conventional investment transactions, describing and analyzing the five principal types of art transactions. It then explores the substantive concerns facing the art investor and existing protections, in comparison to the protections available to the investor in conventional securities investments. The article then analyzes the proposition that art transactions typically constitute investment contracts in light of Supreme Court decisions on the topic. Finally, the article discusses the current position of the Securities and Exchange Commission ("SEC") on whether traditional art transactions are investment contracts and therefore subject to SEC regulation.
The Art Investment Contract: Application of Securities Law to Art Purchases,
9 Fordham Urb. L.J. 385
Available at: http://ir.lawnet.fordham.edu/ulj/vol9/iss2/5