Entertainment, Arts, and Sports Law Commons^™

Nfts And The Art World - What's Real, And What's Not, Michael D. Murray

Law Faculty Scholarly Articles

This Article explores the reality and mythology of NFTs in art law and in the art world by unpacking six myths, misconceptions, and poorly understood truths about NFTs that prevent persons, and particularly art law lawyers, from understanding the role NFTs are playing and could play in the art world and beyond. The Article discusses the legal and financial attributes and potentialities of NFTs for artists, galleries, dealers, investors, museums, and, most especially, for lawyers who advise the players in the art world. The six myths or misconceptions are:

-Myth 1: NFTs are artworks.

-Myth 2: NFTs create a false …

Artworks As Business Entities: Sculpting Property Rights By Private Agreement, Christopher G. Bradley

Law Faculty Scholarly Articles

Modern business entities, such as LLCs, are increasingly created and deployed to accomplish customized transactions and evade legal restrictions. Rather than acting as traditional business enterprises, entities serve as tools to facilitate complex commercial transactions and surmount limitations presented by existing bodies of law. One limitation constrains the ways that private parties can agree to divide property rights—a doctrinal limitation sometimes referred to as numerus clausus. This Article shows that such limitations on the customizing of property rights by private agreement now can be surmounted by virtue of modern business entity law. After describing the key features of modern …