Art Transactions: Should You Seek Legal Counsel First?
If you plan to sell a deceased loved one's art collection soon, you want to take every precaution necessary before you do so. Even if you appraised every piece in your loved one's collection, you still want to ensure you receive a fair and honest price for each transaction you make. An art lawyer can help you protect your art and receive the right price for it. Learn why you should seek legal counsel before you sell your art below.
Why Should You Obtain Legal Counsel?
Although all art has value, some types of art may be more valuable than other pieces may be, including paintings created by famous artists. Even the medium used to create a piece of artwork can increase its value. If you don't know exactly how to sell your loved one's artwork, you may not receive a fair price for it. To avoid underselling your loved one's art, seek legal counsel before you sell any of the pieces in it.
Art legal counsel is one of the most unique fields in law. Art law protects sellers and buyers from a number of things, including underselling, theft, and fraud. An attorney can ensure each piece you have in your loved one's collection receives the right appraisal amount before and after you place it up for auction. In addition, a lawyer can investigate the buyers who wish to purchase your loved one's collection.
Although it doesn't apply to every individual or company who purchases art, some entities choose to flip the art pieces they buy. Buyers who flip art tend to sell it immediately after they purchase it. The art loses some of its overall value once someone flips it. The investigation keeps entities from misusing or abusing your loved one's art collection after you sell it.
If you need assistance with selling your loved one's art collection, consult an art attorney now.
What Can an Art Attorney Do for You?
An art attorney will need to look over your loved one's art before you place it up for auction. An attorney will also go over the appraisals for the art. A lawyer needs to ensure you received a fair appraisal for each piece. If the appraisals appear off or unacceptable, an attorney can obtain new appraisals for you.
A lawyer will also monitor every transaction you make for your loved one's art. The transactions should be fair for each party. If someone underbids or plans to purchase each piece in the collection for less than it's worth, an attorney will step in and prevent it from happening. An art lawyer will do many other things for you during the selling of your loved one's art, including monitoring the monetary transactions made for it.
Learn more about selling your loved one's art by seeking legal counsel for art transactions today.
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