News
A new concept in art as an investment
from the TimesOnline by Catherine Boyle.
In Renaissance Florence, the Medici used cash from their banking activities to
back young artists such as Michelangelo and Leonardo da Vinci. Now art investors
can buy a derivative of an artist’s future.
Tom Saunders, 23, a conceptual artist who graduated from Camberwell College of
Arts in London last year, is offering investors options on his future work. For
£2,000 now, you get the option of buying any piece of his work for £1 in ten
years’ time.
Two investors, including one well-known collector, have reserved options
already, on the proviso that they want to meet Mr Saunders before signing
cheques. The resulting work of art is unlikely to be as traditional as a
painting — conceptual art focuses on ideas.
The process is covered by a legal contract, known as an emerging artist
derivative contract — itself a work of art according to the artist and to
murmurART, the art company in East London that is staging his latest exhibition.
If Mr Saunders turns out to be the next Marcel Duchamp, whose urinal sculpture
has been voted the most influential artwork of the 20th century, or even the
next Tracey Emin, investors can rub their hands. But if his career crashes and
burns or he becomes a recluse, they will be protected by contract provisions
that cover lack of production and death.
Rupert Beecroft, at Ferguson Solicitors, which drafted the contract, said: “In
terms of drafting, an option over an artist’s work is, in theory, no different
from an option over a share.
“The biggest challenge was the human element of the contract and the need to
define a constantly changing pool of artistic work to enable the option to be
exercised and ensure enforceability of the agreement.”
Even the most well-known conceptual artists often take a long time to achieve
commercial success, because their works and ideas can take years to develop. Mr
Saunders is hoping to use money raised from his show to develop his career
without worrying about commercial pressures.
Emma Ryan qualifies into our Corporate Department
Emma qualified as a solicitor on 1st April 2010 after spending over 8 years with the firm. During those 8 years she has completed a Geography degree from Sheffield University and the Graduate Diploma in Law and Legal Practice Course from the College of Law, London.
In that time she has seen the firm grow in size and status. She has experienced every facet of the firm; from working as a paralegal to becoming a qualified solicitor.
Emma assisted Charles Ferguson on a number of the firm’s high profile cases, including; Hussey –v- UBS, Rivlin –v- Deutsche Bank and Keen –v- Commerzbank. She moved away from employment law, however, to complete her training in the corporate and business advice department and has now qualified to work alongside Rupert Beecroft advising individuals and corporate clients on business and company affairs.
Ferguson offers a one-stop service to clients, not only providing advice in relation to their employment matters but also in respect of their future prospects within the City. Emma’s past employment law experience helps keep the corporate and business advice department in tune with the firm’s core employment law practice where the two practice areas continue to complement each other.
JAMES BODDY JOINS THE FERGUSON TEAM
James Boddy, an experienced barrister, has joined Ferguson Solicitors.
James gained a first class degree in Politics and History from Durham University before undertaking a law conversion course at City University and receiving an ‘outstanding’ grade in his Bar exams at the Inns of Court School of Law.
He spent five years from 2004 in Chambers with leading employment law set 11 KBW before joining Ferguson in March 2010. He has extensive experience of representing both claimants and respondents/defendants, and appeared regularly in employment tribunals, employment appeal tribunals, the High Court and county courts.
James now joins the team that so often instructed him and will advise Ferguson clients on all areas of employment law including discrimination, whistleblowing, unfair and wrongful dismissal, bonus disputes and restrictive covenants.
James’s arrival at Ferguson underlines our determination to provide clients with the essential expertise and experience to meet the stringent legal demands of employment law within the City, and provides an extra dimension to our already robust employment team.
James will share his working time between Ferguson and Lucca Leadership, a worldwide charity which runs courses in transformational leadership designed to help inspire, train and support any person that wants to make a positive difference in the world.
RUPERT JOINS OUR CORPORATE TEAM
Rupert Beecroft has joined Ferguson Solicitors to work in our expanding corporate and business advice department.
A graduate in Law with French Law from University College London, Rupert trained and spent nearly 18 months as a qualified solicitor in one of the Equity and Debt Market departments of the City office of Linklaters before joining us in January 2010.
As part of our corporate and business advice team, Rupert will advise both individual and corporate clients on a wide variety of business affairs and financial matters including:
- business and company formation (within the UK and overseas);
- corporate borrowing and equity finance;
- shareholders’ agreements;
- joint ventures;
- mergers and acquisitions;
- FSA registration; and
- the setting up of brokerage and investment funds in the UK and in overseas jurisdictions.
The department complements our core employment law practice and draw off the existing client base. The resulting synergy enables Ferguson to offer a one-stop service to the client who might be a disgruntled City employee one day and an enterprising individual looking to start out alone in the City the next. Either way, they will require expert and commercially astute legal advice.
OUR TEAM STEP UP TO THE GHERKIN CHALLENGE
Our people have clearly got what it takes to reach the top.
The trio of Fiona Macdonald, Cressida Lockett and Emma Ryan were joined by guest Stuart Hollands to take part in the inaugural Step Change Challenge organised by the NSPCC as part of its current Child’s Voice Appeal.
They each climbed 1,037 steps to the 38th and final floor of London’s iconic Gherkin building to raise money for charity.
It is hoped that the event will raise at least £125,000 towards the £50m the charity has targeted to bring in over the next three years.
Our gallant quartet, who had trained for several weeks to make sure they were up to the challenge, are hoping to donate £2,500 from sponsorship and donations from friends, family and professional associates.
If you would like to support our team, and the work of the NSPCC, you can make donations online at www.justgiving.com/FergusonSolicitors