PHOTOGRAPH
DECEMBER 2017protect
your
investmentYou’ve bought the Basquiat and
want to display it in your salon.
Not so fast, says superyacht
law expert John Leonida
from Clyde & Co...1
There needs to be a paper trail
that places the art on board
and in the possession and risk of
other people. In practice, this
means that the captain should
keep an inventory of all the
artwork on board with all the
supporting documentation (title,
provenance and artwork loan
arrangements between artwork
owner and yacht owner).2
The owner of the artwork
(because high-value assets
like art and yachts are generally
owned by companies and trusts)
needs to ensure the artwork is
appropriately insured, perhaps
separately from the yacht.3
If the art is not physically
part of the yacht it may
have its own tax and customs
treatment, which may not be
consistent with the yacht’s.
Depending on the age and
historical importance of the
artwork, there may be either
complete tax exemptions from
importing the art into a new
jurisdiction, or tax to be paid.4
In 2016,Head of a Young
Womanby Picasso,
purportedly worth more than
€25 million, was seized from a
yachtbyFrenchcustomsand
thepaintingreturnedtoSpain
because the yacht’s owner did
nothaveaSpanishexport
licensefortheworkofart.
With antiquities, provenance
documentationisparamount
to ensure that the item has
not been illegally acquired or
exported. Also, if it’s not an
official reproduction it might
fall foul of anti-fakery laws –
in France in 2014, a painting
claimedbyitsownertobe
potentially a work by Marc
Chagall was deemed to be
a fake and was ordered to be
destroyed under strict French
counterfeitlaws.Artisanasset
and must be treated as such.Faena Forum stars
include Madonna, Chris
Rock, Courtney Love,
James Corden and
Solange Knowles.
Below: the EDITION hotelwhere to party
For a younger, hipper crowd, stick to Miami Beach
with its host of extravagant mega-hotel parties, like the
Faena Hotel Miami Beach and the Faena Forum,
which hosted last year’s crowning fetes – a Madonna
concert that raised $7.5 million for charity and
featured James Corden, Ariana Grande, Sean Penn,
Leonardo DiCaprio, Chris Rock and Dave Chappelle,
as well as a private Bon Jovi concert. It may be worth
joining Faena’s private social club, Faena Rose, just for
the incredible Art Basel events they throw each year.
Also look for exclusive parties at 1 Hotel South
Beach and the EDITION hotel, and pop-up parties
from international nightclubs including 1OAK,
Up&Down and Le Baron. For a more sophisticated
after-party, try Casa Tua’s private club located above its
restaurant, but you need to be a member, or know one.
If you’re at Art Basel on your yacht, forget the
crowded nightclubs of Miami Beach and its hour-long
traffic jams. Book a slip or tender in to the River Yacht
Club for a more European-style party and sip
champagne under the stars. If it gets too crowded, you
can always retreat to your aft deck or flybridge and
request bottle service from there as you listen to their
line-up of world-class DJs. Another great option is
Zuma in the EPIC hotel, where reservations are
going quickly but they will cater to the boat.