Entertainment, Arts, and Sports Law Commons^™

Buyer Beware: Avoiding Pitfalls When Buying Fine Art, Gerard Ng, Vincent Ooi

Research Collection Yong Pung How School Of Law

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 …