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Fine Art Intellectual Property
May 2023

Confidentiality & Disclaimer

The information in this presentation (the “Presentation”) is strictly confidential and presented for discussion purposes only. This document may not be reproduced or redistributed in whole or in part, and its contents may not be disclosed to third parties (other than required by law) without the prior consent of 291 Agency LLC. Any unauthorized distribution of this material may lead to irreparable harm to 291 Agency LLC. The recipient agrees by accepting this document to take all actions to ensure the confidentiality of the Presentation. By accepting delivery of this Presentation, each prospective investor agrees to return this presentation to 291 Agency LLC upon request.


Certain information contained in the Presentation constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “estimate,” “intend,” “continue,” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of any investment related to 291 Agency LLC may differ materially from those reflected or contemplated in such forward-looking statements. All numbers and figures provided herein are subject to change.


Nothing contained in the Presentation may be relied upon as a guarantee, promise, assurance or a representation as to the future, including without limitation any disclosure of prior performance results. Certain information contained herein has been obtained from published and non-published sources prepared by other parties, which in certain cases have not been updated through the date hereof. While such information is believed to be reliable for the purpose used herein, neither 291 Agency LLC nor its partners assume any responsibility for the accuracy or completeness of such information and such information has not been independently verified by 291 Agency LLC or its partners.

About 291 Agency


Following years working in traditional art world environments, 291 Agency was formed by a wide range of unique art world professionals to create a multi-disciplinary artist talent agency.


Fostered by the encouragement of several artists, 291 Agency provides tailor-made resources as artists embark on independent ventures including strategy, consulting, project execution, brand collaborations, museum relations, and more. We value being in the background, acting as quiet partners and colleagues with artists.


291 Agency is in conversation with private equity firms and investment professionals with experience in intellectual property, copyright and catalog purchases, discussing fine art intellectual property sales. 291 Agency appreciates the nuances of every artist and their representatives and has experience structuring partnerships that balance integrity and maximize value. 291 Agency’s unique holistic approach is always mindful of the overall goals and legacy of the artist and their representatives.


291 Agency continues to grow while valuing the traditional, keeping an eye on the future, and the focus, always, on the artist.


Intellectual property refers to creations of the mind, such as inventions, literary and artistic works, designs, symbols, names and images. Intellectual property is protected in law by copyright, which enables individuals to earn recognition or financial benefit from what they invent or create.¹


Copyright is a type of intellectual property that protects original works of authorship as soon as an author fixes the work in a tangible form of expression. In copyright law, there are many different types of works, including paintings, photographs, illustrations, and more. Copyright also provides the owner of copyright the right to authorize others to exercise these exclusive rights, subject to certain statutory limitations.²


Living artists maintain copyright control of all physical artworks during their lifetime. The copyright protection outlined above remains valid for 70 years following the artist’s death.

¹ Information accessed from the World Intellectual Property Organization via

² Information accessed from the US Copyright Office via


  • Online licensing

  • Book and traditional periodicals licensing

  • Media licensing (film and television)

  • Merchandise (from t-shirts to make-up)

  • Editions, multiples and posters.












291 Agency has identified an attractive monetization opportunity for fine art intellectual property.

Key opportunity highlights include:

Compelling  exit  opportunity: 

Artists and their representatives can monetize a portion or the entirety of their intellectual property at considerable valuations. In today’s market, copyright sales offer stable, significant revenue that is in high demand by private equity investors. 

Clear interest from acquirers:


Fine art intellectual property and copyright sales will follow the established blueprint of the music and literature industries. Over the past decade, music catalogs have been acquired by both strategic (e.g. music companies) and financial (e.g. private equity, public funds, asset managers) consortiums. 

Partial acquisitions: 

Artists and their representatives may choose to sell a portion of an artist’s intellectual property, which enables them to benefit from continued market appreciation. While an artist or their representatives may sell the entire intellectual property for a single payment, partial acquisitions remain attractive as the estate can continue to generate income and invest in an artist’s legacy.


There are a number of compelling reasons to consider selling a fine art catalog in the current macroeconomic environment.

  • Interest rates remain low, creating an enticing opportunity for buyers who are being encouraged to act ahead of the curve, particularly before the Federal Reserve considers any further increases to interest rates.

  • Copyright revenues have minimal capital requirements and fixed associated costs, making them less susceptible to inflationary pressures.


  • The opportunity for diversified and continued revenue streams generated by fine art catalogs provide an attractive opportunity for investors.

  • Our analysis demonstrates how fine art intellectual property revenues have performed well during recessions and other economic downturns.



Music catalogs have caught the attention of numerous private equity firms, music companies and traditional asset managers. Literature, graphic novels, and film have been sold off at
attractive multiples too. In all cases, the talent has benefited by the significant influx of capital.



  • Universal purchased Bob Dylan’s catalog for $400 million.

  • Warner Chappell Music purchased David Bowie’s songwriting catalog for $250 million.

  • Hipgnosis purchased Justin Timberlake’s music catalog for upwards of $100 million.

  • Disney purchased Lucasfilm, the
    Star Wars production company,
    for $4.05 billion.


  • Amazon purchased the television rights for the Tolkien-inspired ‘The Rings of Power’ for $250 million.



With music serving as the primary example, rising demand for catalogs has driven increasing multiples paid for the copyrights. According to Goldman Sachs, financial and strategic players have pushed music publishing catalog valuations to 18-20x EV/Net Publisher Share (NPS) from 8-12x historically.


Attractive multiples and a deep bench of potential acquirers will pave the way for strong interest in fine art intellectual property sales, which have similar
attributes to music catalogs.

Source: Company data, Data compiled by Goldman Sachs Investment Research



Selling an artist’s intellectual property to a strategic acquirer will lead to increased artist exposure. The legacy of an artist and their representatives benefits from a partnership seeking to increase the artist’s profile for generations to come.


An example from a peer industry: Queen and Elton John both saw a considerable increase in the consumption of their music following the release of their respective biopics. We expect to see similar growth in the value of artists’ works following an increase in exposure.

This creates a win-win for the artist, their representatives and the fine art intellectual property owner.


As a partner with artists and their estates, 291 Agency is conducting due diligence on artists’ intellectual property and supporting potential transactions. 291 Agency’s due diligence will include the following:

  • 291 Agency and the artist or their representatives will establish an engagement agreement to protect the confidentiality and prospects.

  • An artist or their representatives will provide 291 Agency with audited financials related to current and past intellectual property revenue where available.


291 Agency appreciates that this is an equally exciting and new opportunity.

We thereby invite comments, questions and considerations for all stakeholders. 

Andrea Crane cultivated her depth of knowledge and understanding of the art world through 25 years in senior positions at premiere auction houses, and major galleries, before founding her eponymous art consulting firm in 2013. As an artist advisor and dealer, Andrea has placed significant artworks in both major private collections and important museums around the world. Artists range from Giacometti and Picasso to Pollock and Frankenthaler. As a director at Gagosian, she organized the groundbreaking exhibition Malevich and the American Legacy, which resulted in the Art Institute of Chicago’s most significant acquisition to date.Concurrent to founding Andrea Crane Fine Art, Andrea also began her advisory to painter Cecily Brown, one of the world’s most celebrated artists. This partnership is indicative of the deep importance Crane places on working directly with, and nurturing the legacies of, contemporary artists. Most recently she led an effort to establish a James Turrell installation, the first in Manhattan, at her high school alma mater, Friends Seminary School in Manhattan. Andrea’s commitments include her role as Co-Chair on the Board of Trustees of the Drawing Center and serving twenty years as a Board Member for the Skowhegan School of Painting and Sculpture. Andrea holds a Master’s degree in Art History from the University of Chicago and annually sits on the steering committee for the New York County Lawyers Association Art Law Day. In 2021, Andrea was accepted as a member to the Art Dealers Association of America.

Max Teicher, Partner, Founder, established 291 Agency in 2021 following a 15-year career in the art world. Throughout his 12 years at Gagosian, Max was critical in managing the smooth transition of new artists and estates to the gallery as well as working on the gallery’s global sales strategy. Maintaining a constant presence across art fairs and exhibitions, Max was invited to curate numerous exhibition spaces and worked with prominent scholars to help produce several academic publications and journals. Max established 291 Agency with a vision to work with leading Contemporary artists, establishing a range of tailor-made services to support and develop each artist’s unique creative output and market presence. Max has also been an active supporter of the National YoungArts Foundation for the past 10 years.

Valentina Castellani has extensive knowledge of the art world and market, developed through 25 years of experience in a variety of roles, including positions at Sotheby’s, Gagosian, and as an independent dealer. As a Deputy Director at Sotheby’s in both London and New York for 5 years, Valentina was instrumental in shaping the first ‘20th Century Italian Sale’ auction as well as secure sales on behalf of significant private collections. Thereafter, Valentina served as Senior Director at Gagosian for 11 years, organizing and co-curating many of the gallery’s most acclaimed, blockbuster exhibitions, including several exhibitions on Pablo Picasso – working closely with the Picasso family – as well as retrospective exhibitions on Francis Bacon, Lucio Fontana, and Piero Manzoni. Piero Manzoni: A Retrospective (New York, 2009) won the Art Awards for the Best Exhibition of the Year in a commercial gallery and was listed by Artforum as one of 2009’s best art exhibitions. Besides her involvement in exhibitions, Valentina actively worked in the secondary market, sourcing important artworks from prestigious private collections; she has also acted as an artist liaison with living artists like Rudolf Stingel, Cindy Sherman and Francesco Clemente. In 2016, Valentina became an independent dealer, focusing her energy on the leading Post-War and Contemporary Art secondary markets. Since 2019, she has been teaching as an adjunct professor a course titled ‘Market Histories’ in the master of Visual Arts of NYU Steinhardt. She sits on the board of both Casa Italiana at NYU and the Drawing Center.


65 Greene Street, New York, NY


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