Chicago Senior Counsel Scott Hodes was quoted Nov. 10 by The Wall Street Journal on the delicate business of picking a trust-worthy art dealer from whom to purchase fine art. Hodes said checking UCC-1 filings is one way to assess a dealer’s financial health. When galleries accept pieces to sell on consignment, they often are required to file a UCC-1 form with their secretary of state’s office. The form is an assurance that the owner will get the art back if the gallery declares bankruptcy. “If there are a lot of filings, that suggests that the dealer doesn’t really own much that is in the gallery,” Hodes said. “A dealer without much in the way of assets may be financially overcommitted, leveraged to the hilt. You might be wary of working with that kind of dealer.” Click here to read the full article.