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

In the context of art law, ‘due diligence’ is a phrase used to describe the process of researching artwork and making sure that all of the facts of an artwork are properly and completely known before it is bought or sold. It is important to carry out ‘due diligence’ on any artwork that is being bought or sold, to ensure that the artwork is in fact authentic and to know the complete history of the artwork, including any legal issues or conflicts that may surround it. Due diligence in art law often includes researching the provenance of a work, meaning the history of who has owned and possessed it in the past, making sure there are no legal issues associated with it, and determining its true market value. This may involve consulting experts in the field, or looking through legal documents, contracts, or written appraisals. Additionally, it may include checking the artwork for any hidden damages that could affect its value and examining the authenticity of the work itself. Ultimately, due diligence in art law is a key part of ensuring that there are no surprises when an artwork is bought or sold. Proper due diligence will ensure that both the buyer and the seller are getting the best deal possible.

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

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