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

Due diligence is a legal term that applies to art law in Wisconsin. It refers to the research and care taken by a person to ensure that the art they are purchasing is authentic and not counterfeit or stolen. This research involves uncovering any legal or financial issues with the artwork and confirming its provenance. It also involves verifying that the seller has the right to sell the art, and that all the paperwork is in order. Due diligence can include various activities such as obtaining an opinion from an art expert or appraiser, researching the artist’s history and reputation, verifying the sale’s legality, and ensuring that the sale is in compliance with applicable laws. Due diligence is important in order to ensure that the art being purchased is not counterfeit or stolen, and that the seller is the legal owner. It can also help to provide evidence that the buyer was acting in good faith and in a reasonable manner. Due diligence in art law is a critical part of any art transaction in Wisconsin, as it helps to ensure the authenticity of any artwork and protect the buyer from any unscrupulous practices. The failure to undertake due diligence can have significant monetary and legal implications for the buyer. Therefore, buyers should always conduct thorough research before making any art purchases.

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

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