Buyer beware: Avoiding pitfalls when buying fine art

• Main Authors: NG, Gerard, OOI, Vincent
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2022
• Subjects: Art Law; Singapore Law; Entertainment, Arts, and Sports Law; Secured Transactions
• Online Access: https://ink.library.smu.edu.sg/sol_research/4179; https://ink.library.smu.edu.sg/context/sol_research/article/6137/viewcontent/Buyer_Beware_Avoiding_Pitfalls_When_Buying_Fine_Art__Final_.pdf
• Institution: Singapore Management University

Our article introduces the reader to crucial concepts such as provenance, authenticity and ownership of fine art. It explains how one can check the established art databases and registers to conduct due diligence searches.We also explain the importance of a written contract for both buyers and sellers. The current common practice of transacting without a written contract can lead to considerable difficulties if issues with the artwork are discovered in the future.At the minimum, a contract should make it clear that the seller has the full responsibility for the accuracy of the provenance, particularly in cases where the artwork has an incomplete ownership history. Different considerations may also apply depending on whether the artwork is an Old Master, modern art or even an NFT.The article concludes with a reminder not to chase trends and instead to buy artworks that one would enjoy looking at and living with.