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The Art of Distress: Cultural Property in Workouts and Insolvencies

The last decade has seen an increasing number of insolvencies involving art and other cultural property. The debtors in these cases are private collectors (Marc Dreier, Ralph Esmerian), art galleries (Salander O'Reilly Galleries, Inc., Edenhurst Gallery, Berry-Hill Gallery), and public or institutional collectors (City of Detroit (Detroit Institute of Arts). While "art" is a familiar concept, "cultural property" is not. It developed as an umbrella term not only for artworks, but antiquities, books, manuscripts, scientific collections, collections of books or archives, monuments of architecture, groups of buildings, archeological sites, and ethnological and paleontological objects.

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