Key Issues for Collectors: Buyer Beware

Family Foundation Advisor 06/05/2017

Published in Family Foundation Advisor:
Volume 16, Number 04, May/June 2017 , pp.3-5(3)
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Family Foundation Advisor is a publication of the Civic Research Institute, offering guidance for effective foundation management, development and grant-making. Family Foundation Advisor is devoted exclusively to helping family foundation administrators and their professional advisors.

Abstract: Recent cases have brought to the forefront issues regarding the risks of purchasing art. These incidents serve as a reminder to buyers to take actions at the time of purchase to protect themselves in the event that the purchased art is later discovered to have ownership, authenticity, or provenance issues. Depending on the particular circumstances surrounding each object, there are various precautions that buyers may be able to take in order to avoid losing their investments, the artwork, and even their reputations.

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