Publication Type
News Article
Version
acceptedVersion
Publication Date
11-2022
Abstract
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.
Keywords
Art Law, Singapore Law
Discipline
Entertainment, Arts, and Sports Law | Secured Transactions
Research Areas
Corporate, Finance and Securities Law
Publication
Business Times (Singapore)
First Page
1
Last Page
5
ISSN
1733-8179
Publisher
Singapore Press Holdings
Citation
NG, Gerard and OOI, Vincent.
Buyer beware: Avoiding pitfalls when buying fine art. (2022). Business Times (Singapore). 1-5.
Available at: https://ink.library.smu.edu.sg/sol_research/4179
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
https://www.businesstimes.com.sg/lifestyle/buyer-beware-avoiding-pitfalls-when-buying-fine-art