ART LAW PROTECTION
FOR ART COLLECTIONERS
The law makes a clear distinction between the physical artwork and the copyright – and ownership of the former gives no rights to the latter.
How important is to protect my art?
The most important part of a collection are artworks. Second important - insurance.
Fine art insurance covers two major aspects of mishaps that can happen to artwork: damage and full loss. If a piece is damaged but can be repaired, then a good policy will cover all or most of the cost. And the third most important thing is to create and regularly update the inventory of the collection.
To store duplicates of the record in hard and soft copies, preferably in different locations. A comprehensive record should include copies of invoices, appraisals and authenticity certificates of each piece of art work. The inventory should have a full description of each piece.
Common situations to avoid
One of the most important questions to ask when purchasing art is whether the work is free and clear of liens or other encumbrances now and in the future.
When a purchaser of an artwork later discovers that the work is not authentic, the statute of limitations in different countries offer different time frames for filing a suit of the breach of authenticity.
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