The FAR® Blog

Tips on how to buy and sell art painlessly

Too many people today take very lightly the purchase of and/or selling of works of art. ART BROKERS REVISITED is an insightful article authored by Cindy Hill, Esquire, experienced in such law (or the lack thereof) that surrounds the sale and purchase of art. Most people don’t realize the fact that art brokers, who act as agents for either buyer or seller, (they can only represent one or the other) are for the most part, unregulated by laws which in most other fields, such as real estate or automobile sales are taken for granted.

There stands a beautiful shiny SUV in the local car lot that you simply have to have. You put your money down and in the process fill out the paper work for the title. You pay any taxes due, it’s sent off to the state with the Vehicle Identification Number and the car is yours with the satisfaction of knowing that it is registered to you. Someone can’t come along and claim that this auto belongs to them. The VIN number follows that car wherever it goes and as long as your name is on the title it is yours until you decide to sell and transfer it to another party. Then once again it is recorded by the state.

This is simply NOT the case with works of art that sometimes are worth many times the value of any automobile or piece of real estate. Yet a buyer may waltz into a gallery or onto a cruise ship in full vacation mode, buy a painting or sculpture that costs a great deal and never question its history or who actually may lay claim to it. This can also work adversely for the Broker/Agent. The agent could in fact, have put a great deal of time, effort and money into the sale of a work of art, such as advertising, managing assets, estate liquidations, amongst other expenses. There is nothing, by law, that protects them from losing their commission to someone who simply decides that he wants to sell it privately. This is just one stunning example that is highlighted in the above-mentioned article.

Within this information packed article, is a story that will illustrate just how convoluted the art market has become. There are so many pitfalls that can be encountered. The author helps us to understand how very important it is for us to deal with the purchase of art in a very logical and precise way. BUT MOST IMPORTANTLY GET IT IN WRITING! Also is given a step-by-step path to registering your art in a permanent database along with the provenance, and a number and tag that will follow your particular piece of art forever. Much like a VIN number on a car or a deed to a piece of real estate.

There is so much valuable information contained in this article that it is, without a doubt, a must read for all. Find this and much more at www.fineartregistry.com.