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Kevin Ray focuses his practice in the areas of art and cultural heritage law and financial services, such as lending transactions and restructuring/insolvency matters. He represents and advises artists, art galleries, art collectors, museums, and cultural institutions in a variety of transactions, including consignments, questions of title, provenance, and compliance with national and international law. He advises lenders and debtors on issues unique to art, antiquities, and other cultural property in a variety of lending and commercial transactions.

In finance and restructuring matters, Kevin represents U.S. and foreign lenders and borrowers in structuring domestic U.S. and cross-border commercial and corporate loan transactions, as well as corporate reorganizations, museum and not-for-profit organization restructurings and reorganizations, debtor-in-possession and exit financings, debt restructurings, enforcement of creditors’ rights, insolvency matters, and negotiating standstill and forbearance agreements.

Prior to practicing law, Kevin was director of rare books, manuscripts and art collections at Washington University in St. Louis and taught at the Washington University School of Art.


  • Art law 
  • Art finance
  • Art-secured transactions
  • Art consignments
  • Art and cultural heritage law
  • Domestic and cross-border asset-based lending
  • Domestic and cross-border syndicated financing
  • Loan workouts and restructurings
  • Business reorganization and bankruptcy
  • Domestic and cross-border asset sales and acquisitions



  • Advised art collectors on the potential acquisition of antiquities.
  • Advised artists on forming artist’s foundations.
  • Advised art collectors on the gift of a significant collection to a major U.S. art museum.
  • Advised art collectors on structuring art estate and philanthropy plans.
  • Advised a U.S.-based artist in a dispute with a European art gallery.
  • Advised a Native American art gallery and cultural center in loan, consignment, and exhibition matters.
  • Advised collectors in loans secured by the collectors’ art collections.
  • Advised lenders on documentation of loans secured by art and cultural property collateral.
  • Advised a fund on documentation for art auction house advance loans.

Recognition & Leadership

  • Member, Winning Team, Global M&A Network’s Turnaround Atlas Awards, “Chapter 11 Restructuring, Mid-Market Segments (100-250)” for the restructuring of Lombard Public Facilities Corporation, 2019
  • Member, Winning Team, TMA Chicago/Midwest Awards Program, “Small Transaction of the Year” for the restructuring of the Lombard Public Facilities Corporation, 2018
  • Member, Winning Team, "Cross Border Special Situation M&A Deal of the Year" for the AgFeed Industries sale of assets to Ningbo Tech Bank, TriOak Foods and Smithfield/Murphy, Global M&A Network’s Turnaround Atlas Awards, 2014
  • Member, Winning Team, U.S. News - Best Lawyers® "Law Firm of the Year" in Bankruptcy & Creditor Debtor Rights / Insolvency & Reorganization Law and Litigation – Bankruptcy, 2013
  • Chair, American Bar Association’s Section of International Law’s Finance Division, 2015-2016
    • International Law Section’s Art & Cultural Heritage Law Committee
      • Co-Chair, 2014-2015
      • Vice Chair, 2013-2014
      • Editor-in-Chief, International Lawyer – International Legal Developments Year In Review, Art & Cultural Heritage Law chapter
    • International Law Section’s Secured Transactions & Insolvency Committee
      • Co-Chair, 2014-2015
      • Vice Chair, 2013-2014
      • Editor-in-Chief, International Committee on Secured Transactions & Insolvency Newsletter
    • International Law Section’s Financial Products & Services Committee
      • Vice-Chair, 2014-2015
  • Judge, National Cultural Heritage Law Moot Court Competition, 2014-2017
  • Member, International Bar Association
  • Member, INSOL International
  • Fellow, American Bar Foundation
  • Member, Chicago Bar Association
  • Member, Illinois Bar Association
  • Member, New York City Bar Association
  • Member, Jurisprudence Working Group, Global Center of Innovation for the i2M Standards
  • Volunteer Attorney, Lawyers for the Creative Arts
  • Volunteer Attorney, Philadelphia Volunteer Lawyers for the Arts


  • LL.M., International Art, Cultural Heritage Law, DePaul University College of Law, 2014
  • J.D., Washington University in St. Louis School of Law, 2001
  • Ph.D., Washington University in St. Louis, 1998
  • M.L.S., University of Pittsburgh, 1987
  • M.A., University of Pittsburgh, 1985
  • B.A., University of Pittsburgh, 1983
  • Illinois
  • New Jersey
  • New York
  • Pennsylvania
  • U.S. District Court for the Northern District of Illinois
  • U.S. District Court for the District of New Jersey
  • U.S. District Court for the Eastern District of Pennsylvania