What is ‘due diligence’ in the context of art law?

Due diligence in the context of art law is the process of gathering information about a piece of art before committing to a purchase. It involves researching the authenticity, origin, market value, and any special circumstances of the art. Due diligence begins with verifying the authenticity of the piece. This usually involves a review of documents such as certificates of authenticity, artist signatures, and other evidence of provenance. The background of the artist, potential maker, and any experts or institutions who have confirmed the piece’s authenticity should also be researched. Next, the market value of the piece must be determined. This entails researching the artist’s past sales, current trends in the art market, and any past sale of the specific artwork. A comparison of the asking price with similar pieces is also recommended. Finally, any special circumstances of the piece must be identified. This might include any prior intellectual property or copyright infringement issues, any protected attributes of the piece, or any restrictions on ownership. It is important to also consider any potential cultural Heritage issue, such as the piece being part of a cultural artifact or protected area. All of this information should be carefully documented and reviewed prior to any purchase, as it can be crucial in protecting the buyer and seller from potential legal issues. By taking the time to do due diligence, art buyers can make an informed decision and rest assured that they are making a sound investment.

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What is ‘due diligence’ in the context of art law?

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