Fap Art Management GmbH & Co KG v Philbrick & Anor [2022] EWHC 603 (QB) (23 March 2022)

Fap Art Management GmbH & Co KG v Philbrick & Anor [2022] EWHC 603 (QB) (23 March 2022)

The Collateral Agreement did not grant proprietary interests in the artworks to the Claimants because security was not perfected under UCC 9-313 by possession or authenticated record; however, Claimants established ownership of items 3 and 10 by evidence of purchase and payment, and are entitled to a 50% share in items 1 and 2 as conceded.

Citation
[2022] EWHC 603 (QB)
Parties
Creditor: FAP Art Management GMBH & Co KG; Debtor: Inigo Philbrick; Debtor: Inigo Philbrick Ltd; HCEO: Equivo Ltd; HCEO: Nicholas Davy Todd; Third Party Claimant: Aiden Fine Arts Inc; Third Party Claimant: V&A Collection LLC
Jurisdiction
England and Wales
Judgment Date
23 March 2022
Procedural Posture
Third Party Claim Under CPR 85.5 / Judgment on Proprietary Claims to Artworks Subject to Writ of Control
Outcome
Claimants' claims based on Collateral Agreement dismissed; ownership of items 3 and 10 and 50% share in items 1 and 2 declared for Claimants.
Legal Topics
Enforcement of Judgments, Proprietary Interests, Security Interests, Art Fraud, New York Law Application, CPR 85 Procedure
Civil Procedure Property Law Commercial Law Enforcement of Judgments Proprietary Interests Security Interests Art Fraud New York Law Application +1 more

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Parties

FAP Art Management GMBH & Co KG

Creditor

Inigo Philbrick

Debtor

Inigo Philbrick Ltd

Debtor

Equivo Ltd

HCEO

Nicholas Davy Todd

HCEO

Aiden Fine Arts Inc

Third Party Claimant

V&A Collection LLC

Third Party Claimant

Procedural Posture

Third Party Claim Under CPR 85.5 / Judgment on Proprietary Claims to Artworks Subject to Writ of Control

Legal Issues

  1. 1 Whether Collateral Agreement gave proprietary interest to Claimants in artworks
  2. 2 Whether Claimants perfected security interest under New York UCC
  3. 3 Ownership of specific artworks based on purchase and payment

Ratio Decidendi

The Collateral Agreement did not grant proprietary interests in the artworks to the Claimants because security was not perfected under UCC 9-313 by possession or authenticated record; however, Claimants established ownership of items 3 and 10 by evidence of purchase and payment, and are entitled to a 50% share in items 1 and 2 as conceded.

Court Disposition

Claimants' claims based on Collateral Agreement dismissed; ownership of items 3 and 10 and 50% share in items 1 and 2 declared for Claimants.

Orders

  • Claimants declared owners of items 3 and 10.
  • Claimants entitled to 50% share in items 1 and 2.