Friday, June 21, 2024

Why You Should Hire A Lawyer When Buying Art

Art is a fundamental aspect of human nature and pursuit; it surrounds us, infiltrating each and every grain of human experience from our home décor choices to the building blocks of urban infrastructure. The success of the human race is arguably the result of creativity as much as communication, the two being ineluctably interlinked.

The grandness of art, as a core facet of being human, needs to be re-stated in order to understand the sheer importance of art in today’s world. Even as many today profess not to understand the works that hang in the UK’s galleries, many more still understand that they have been moved by art before. Further, they understand that art is more than simply an expression of idea or self; it can also be a highly valuable and rare expression, that an individual would be (at the very least) lucky to behold.

The Global Art Trade

This is the gateway to understanding the global art trade, a quasi-industry which can attract undue derision from the unfamiliar. The global art trade is huge, and the UK’s part within it especially significant; the UK’s art market represents roughly a fifth of the global art market, with an estimated £10 billion value annually.

This art trade is buoyed by a complex interrelationship of museums, galleries, brokers, buyers and sellers, with luminary artists past present and future ensconced squarely in the middle. The trade exists for a simple reason, too: that people buy art. But why? And why should you?

Why Buy Art?

Art is a worthwhile purchase for its incredible personal and cultural impact alone. Having an art collection can be a personally, even spiritually enriching experience, particularly if you have the means to properly display the works in which you invest. However, buying art can also have other, more financial benefits.

Art can be a fantastic store of value; if you are investing in older works by storied artists, you can be sure that your investment will be protected long-term. If you’re willing to take the risk of investing in new blood, though, you could see the value of your investment increase as their capital and renown increases – making art as much an investment strategy as it is an enriching experience.

What an Art Lawyer Can Do for You

When considering art from this financial perspective, it is easy to understand how important legal frameworks are around buying and selling art. Not only this, but it’s important to see your own interests protected legally, given the potentially vast amounts of money on the line with each investment. This is where art-specialising lawyers enter the equation.

Art lawyers understand a great deal about the purchase, sale, lending and borrowing of art, and can render contracts in relation to any of the above airtight. They can also establish legal routes to enable the purchase and transport of high-value works, and even protect the value of works as held in an individual’s estate.