Frankfurt is, next to London, Basel and Hong Kong, Paris, Maastricht one of the key centers of the international art market and home of fashion week and the book trade fair.
Auction houses, art galleries, art dealers and leading international experts emerged in a thriving contemporary art scene and many artists sell artworks from their studios. Thus there are a multitude of chances and opportunities to tempt all collectors and investors in the primary and also in the secondary market.
To keep you aware of the legal issues to bear in mind, here are some of the most important legal awareness tips to consider when purchasing art.
1. When purchasing from a dealer or throughout an agent, ensure that the seller is entitled to sell the artwork and it is not bind by liens or third party rights. When it might not be clear who the dealer is, make detailed enquiries of all involved intermediaries and in due course ask for evidence in writing so establishing clear legal title.
2. Any gaps in the history of ownership on any artwork may give rise to third party claims in future. Therefore Provenance has an force on the market values. Necessarily undertake due diligence of your art piece through public databases, so that you can be ensured that the art works has not been priorly been recorded lost or stolen.
3.Taking expert advice is always to consider if there is any cause for doubt about the Authenticity of your chosen artwork, even more so, when buying art online on the internet. Buying art from a reputable dealer or gallery should provide some precautionary protection against forgeries and fakes. For any enquiries that challenge authenticity post purchase can extend in expensive and difficult maneuvers. Make sure that you make enquiries beforehand.
5. Make sure you get a hold of a written contract of sale and that your invoice includes complete details of the piece of art and supporting Documentation of provenance, such as history of import and export, authenticity, and reports of condition. Before buying review all terms and conditions of sale and make certain that you know and understand all available remedies especially concerning any return of an artwork that possibly has undisclosed condition issues, authenticity or title.
By an introduction to art law in the European Union there are several meaningful art regulations and statutes. Mostly these deal with the unlawful transferring art from country to country but also by the form how it is transferred between seller and buyer.
We are constantly changing not only with the time and places or the means how we transfer art- but much more and consequently how we deal with the culture of behaving with art and respectively how we adapt to the newer mechanics of rules and regulations which restrict or release art.
Myth and Rumors were not only a day to day fashion in the history of art but need to be adressed in order to overcome later inconveniences and loss of veritable goods.
At dea-law.eu the the Know-hows of art law regulations in the EU and International art law market of Women leaderships should be helpful for everyone, lawyer, artist or museum, gallery and everyone else as buyer and seller that shares an interest in the art sectors.
Taking the path of selling an entire collection of art or parts thereof needs experience. Not only being familiar with the market of art but constantly updating with the rules and monitoring wisely when changes occur. The art market shows by its discipline of art law its peculiarities and must also be seen in a legal perspective.
Given that art as an economic asset has no earnings value or a net asset value that can be made, the judgments of the market players is of crucial importance. Considering that the nature of the art market is limited there are criterions to be considered that play an important role when it comes to selling your art work . When starting out but also when unfamiliar with the market players. The freshness to the art market constitutes the value of the art.
Accordingly the EU has several Regulation in force which facilitate the transfer art works from country to country as well as from seller to buyer. Beginning the selling process of your collection including contract conclusion with the buyer should be supported. The agreement of guarantees in the business of international auction needs experience in contract preparation as well as an independent negotiator, who is than only bound by her client´s interests also only being remunerated by that client.
Thus impartial advise is an crucial asset on entering the market.