NEW YORK.-/PRNewswire/ The global art market accounted for nearly $30 billion in sales last year, capturing the fascination of the media and the wallets of the public. A substantial body of legislation enacted over the past 40 years regulates transactions involving the creation, purchase, sale, transfer and exhibition of works of art. Regarded as the gold standard in its field, the third edition of Art Law: The Guide for Collectors, Investors, Dealers, and Artists, by Sidley Austin Brown & Wood LLP partner Ralph E. Lerner and art attorney Judith Bresler, has just been published.

"Art has become the darling of big business -- both of legitimate commerce and of crime, with a black market in stolen art and antiquities exceeding $7 billion annually," said Mr. Lerner. Described as the industry bible, Art Law, published by Practicing Law Institute, has expanded to three volumes in this edition, with introductions by Museum of Modern Art Director Glenn Lowry and the CEOs of international auction houses, Edward Dolman of Christie's and William Ruprecht of Sotheby's.

The book illustrates the issues and nuances of art law with anecdotes, cases and forms that provide insight into art and the business of art. At the same time, Art Law distills an immense body of knowledge and provides guidance in areas such as:

-- Estate and tax planning
-- Minimizing legal exposure
-- Implications of major new court decisions
-- Intellectual property law
-- Online art developments
-- International art law
-- Insurance coverage
-- Stolen art recovery
-- Tax free exchanges of art
-- Crafting effective agreements

"Current issues in the art market have challenged even the most basic questions of title -- who owns a work of art, who has the right to sell it, and who has the right to profit from its sale," said Mr. Dolman of Christie's International plc in his Foreword. "These issues are not resolved in a vacuum ... Ralph Lerner and Judith Bresler have written an invaluable text that comprehensively surveys the waterfront of art law."

A partner in Sidley's New York office, Mr. Lerner has chaired the Art Law Committee of the Association of the Bar of the City of New York, the Fine Arts Committee of the New York State Bar Association and the Visual Arts Division of the American Bar Association Forum on Entertainment and Sports Law. He is a Fellow of the American College of Trusts and Estates Counsel, has extensive experience in tax matters, and numbers among his clients many of the foremost artists, collectors and art dealers in America.

Ms. Bresler, a prominent lecturer, is an attorney specializing in art law with Cowan DeBaets, Abrahams & Sheppard. She has taught art law at New York Law School, and the University of Pennsylvania, and has served as a Trustee of New York Law School and the Philadelphia Volunteer Lawyers for the Arts. She chaired the Art Law Committee and Entertainment, Art and Sports Law Section of the New York State Bar Association, where she co-chairs the Alternative Dispute Resolution Committee of EASL. Ms. Bresler is a two-time winner of the Otto L. Walter Distinguished Writing Award.

The co-authors, who also collaborated on the initial 1989 volume and revised 1998 edition, are a husband and wife team who first met at an art museum in New York City.

Art Law: The Guide for Collectors, Investors, Dealers, and Artists is available from Practicing Law Institute, a non-profit continuing legal education organization chartered by the Regents of the University of the State of New York, founded in 1933. PLI is dedicated to providing the legal community and allied professionals with the most up-to-date, relevant information and techniques which are critical to the development of a professional, competitive edge.

Sidley Austin Brown & Wood LLP is one of the world's largest full-service law firms, with more than 1,550 lawyers practicing in 14 U.S. and international cities. Sidley was named the Number-One-Ranked U.S. Law Firm for Overall Client Service in 2002 and 2004 in surveys of Fortune 1000 executives by BTI, a Boston-based consulting and research firm. Sidley received the 2005 Catalyst Award in recognition of the firm's initiative to recruit, retain and advance diverse talent.