5 Reasons Why You Need to Hire an Art Attorney
The art world is full of technicalities that we don’t even know. Whether you are a novice collector, or an experienced one, the need to tackle various legal matters related to art pieces is always there. Many law firms or privately practicing lawyers offer their services regarding that. But first, you need to understand what they do.
In simple terms, they provide the services that make your status as an art collector legit. This is particularly important when the art pieces are worth hundreds and thousands of dollars in question. Thus, their representation helps ensure your status as an art collector is safe.
In this article, we will see 5 major reasons that tell you why you need an art attorney.
1. Help With Title Transfer
As per US rules the title transfer is necessary for you to be a legal owner of any art piece. This transfer is not as easy as purchasing a product from a local store and you become the rightful owner of it. There are complex rules and regulations that you need to see to ensure that the title is transferred carefully.
In this regard, art Attorney is helpful. They deal with all the legal attributes related to an art piece and ensure the safe transfer of title. This transfer of title will preserve your legal status as the rightful owner of an art piece in question.
2. Safeguard Work’s Authenticity
Many law attorneys offer services of forensic analysis of an art piece to declare whether it is authentic or not. Some boards have worked for the same purpose before. However, with the complications related to the art industry, art lawyers overtook this role.
These attorneys are responsible for the pre-purchase forensic analysis of the arts and ensure that the work you are purchasing is worth your money or not.
3. Aid in Legacy Planning
If you are an experienced collector, then you would know that you would need to make sure that even after you, your art pieces stay in safe hands. To clarify the holding strategies regarding the art pieces, collectors often opt to set up a non-profit organization.
To set up such an organization, art collectors often need advice about the legal attributes related to not just art, but the organization too. Thus, art attorneys make sure that these organizations do not enter into the red zone of regulating authorities.
4. Loaning Art Pieces
As a potential collector, your give and take of art pieces to museums or art exhibitions is an understandable factor. However, this loaning of art pieces is not that simple. Proper contracts are created by art attorneys and signed by both parties to ensure the safe return of pieces.
5. Assist in Tax Management
Last but not least, art pieces are a form of asset so the collector has to pay a certain amount of tax. Depending on your art’s worth the tax amount varies. An art attorney helps with efficient tax returns. Moreover, they employ tax strategies to employ in purchasing high-value art pieces.
All things considered, having an art attorney can protect you from any legal issue that comes with art collection.
