The art market has experienced significant developments over the past 30 years, as outlined in the Lexology Panoramic: Art Law introduction.
Key highlights include:
- The national marketplaces for less expensive art and collectables are now found in London, New York, and Hong Kong.
- These days, “you simply do not know who you are selling to or buying from” is a common complaint about the market’s increasing anonymity.
- Prices for famous artworks have skyrocketed; analysts now project that a piece of art may sell for more than $1 billion in the coming years.
- The principal auction houses are now more dominant than ever.
- Although they sometimes need to be correctly qualified, art consultants are hired to conduct due diligence, open doors, and assist collectors with the process.
- “Mega” art fairs have emerged in the last 20 years and are held approximately every four months all over the world.
- More and more people view art as an asset class, and auction houses actively market it as an investment.
- Lawyers assisting corporations, not-for-profit organisations, and art collectors in the increasingly global market will likely encounter circumstances involving several nations.
The idea that art law is a distinct speciality in and of itself is becoming more widely acknowledged. This field is broad, becoming more global, and changing quickly in many ways.
In this sense, art can include everything from sculptures and paintings to street art, vintage vehicles, yachts, fine jewellery, wine, and musical instruments.
Categories of art law
Art law covers a wide range of legal matters, including:
- Transactional issues: Involving the purchase or sale of artwork.
- Disputes: Covering ownership disagreements and other conflicts.
- Tax and wealth planning: Important for collectors and institutions.
Should you need further guidance please feel free to contact Frei Solicitors.
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