Force Majeure and Covid-19

Covid-19 has had a significant impact on the art market. The pandemic has halted numerous transactions and many stakeholders, including artists, museums, art fairs, auction houses and galleries have ceased to operate and/or been forced to re-evaluate existing and future projects. As a result of the Covid-19 restrictions placed in various parts of the world, some art related contracts have become difficult or impossible to perform. Contracting parties are looking for ways to be relieved of their obligations and in England and Wales, a force majeure clause in agreements may help provide some relief. In the absence of a force majeure clause, parties may be able to rely on common law principles of frustration or impossibility. Read More