Buyers of Art Beware

The art market has been booming recently, with record-breaking prices. Hotly contested acquisition battles can lead buyers to throw caution to the wind. Buyers of art must remain vigilant or else they will find they have little recourse if things go wrong.

Some of the key areas potential buyers should check are:

• Ownership – know who has legal title to the artwork you are acquiring. In English law if the seller does not actually own the art, he may not have the right to transfer ownership. Different countries have different ownership rules – an important consideration when art is often bought and sold all over the world.
• Condition – personal examination is the best option. At the very least, ask for a condition report from the seller.


• Attribution – be aware of auction catalogue language such as “in the school of”, which does not mean that an artwork is by the hand of the artist. This can even apply to a work described as “signed”


• Authenticity – this is hard to check when purchasing from the internet, where forgeries abound, as do “shill bids”, where prices have been pushed up by false bidding
• Hidden costs – have local taxes and/or import levies been paid? Does the sale price include VAT, commission and droit de suite (the right for a living artist to receive a percentage of the price on resale)?

For further information or advice, please contact:

Karen Sanig
Tel +44 (0)20 7440 7036
karen.sanig@mishcon.com