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

Due diligence is a concept that is used extensively in art law in Oklahoma. It is the process of researching and gathering information about a work of art before it is purchased to ensure its authenticity and to confirm it is not stolen or subject to any existing claims of ownership. It is the responsibility of the person or institution purchasing the piece to conduct due diligence. Due diligence for artwork involves conducting a provenance search, which is research into the history of an artwork, to determine any previous ownership, evaluation, authentication, or sale of the piece. This can include research into the artwork’s exhibition history, review of relevant literature, or contact with knowledgeable individuals such as art dealers or scholars. The due diligence process must also include an assessment of title, or the legal right to ownership, of the item. This can include researching any record of purchase, a determination of the statute of limitations associated with any ownership disputes, and a review of any other legal instruments related to the artwork. Due diligence also involves verifying that the artwork has not been stolen, a process that often involves government agencies and requires the purchaser to check the Art Loss Register, which is a searchable database of stolen art. By taking the time to conduct due diligence when purchasing artwork, Oklahoma buyers can protect themselves from any potential legal issues associated with art law.

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

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