NEW YORK – Pearlstein & McCullough (“P&M”) today announced that its client, Artvest Partners LLC, formed a Joint Venture with The European Fine Art Foundation (“TEFAF”) to own and operate the newly rebranded “TEFAF/NewYork/Fall” fair and the “TEFAF/NewYork/Spring” fair in improved and significantly expanded space at the Park Avenue Armory.
The Joint Venture was formed by a series of transactions whereby the Joint Venture acquired the “International Fine Art Fair,” held each Fall at the Armory, from its UK owners, and Artvest contributed the right to host the Spring fair at the Armory. Going forward, Artvest will continue to operate the 2016 Spring Masters Fair at the Armory and TEFAF will continue to operate the TEFAF-Maastricht fair.
The Joint Venture between Artvest-TEFAF represents a significant development in the art fair market and is another sign of the gradual migration of the international art market to the US.
P&M acted as counsel to Artvest and co-counsel to the Joint Venture.
P&M Partner, William Pearlstein stated “it’s a pleasure to use our transactional skills to help top-tier art world clients like Artvest and TEFAF complete a complex, international transaction that could transform this segment of the art market.”
The New York Times announced the Joint Venture.
About Pearlstein & McCullough LLP P&M is a boutique law practice based in New York servicing the international art trade. P&M’s partners understand the specialized vocabulary of the art world, understand the concerns of dealers, collectors, auction houses and museums, and have the seasoning and experience to help clients navigate the special problems that often arise in the art market. Every day, P&M helps clients who buy, sell, collect, and consult on art for a living or as part of their lives. As commercial lawyers immersed full-time in the art trade, P&M’s partners work comfortably with people who handle art for a living.