Buying Fine Art

5 Legal Cases Changing the Art Market

Problems facing the art market, and several law suits that may impact it.

Opinions of authenticity are important to buyers who be sure they are buying the “real thing”. Experts may keep quiet to prevent being sued. They fear the legal costs which can be huge. Witness the Andy Warhol Foundation spent $7 million vindicating itself in a lawsuit, then closed their authentication board.

The New York City Bar Association has drafted legislation to protect experts by requiring the plaintiff to pay the authenticator’s legal fees if the plaintiff lost in court.

A few more…

  • Can wealthy collectors with art advisors rely on what a reputable gallery tells them?
  • What’s a legitimate disavowal under VARA (Visual Artists Rights Act of 1990)?
  • Should you put all art purchase agreements in writing? The court ruled friendship doesn’t create a fiduciary relationship between dealer and client; and an art gallery isn’t required to act in the buyer’s interest.
  • Why should buyers and sellers would contract with their art advisers to disclose all documents related to a transaction.

Read the full article at https://www.artsy.net/article/artsy-editorial-five-legal-cases-changing-the-art-market-as-we-know-it.