Art law is a relatively niche area of the law, most often
dealing with matters pertaining to ownership. This includes ownership of
copyrights and physical ownership of pieces of artwork. Art law may also deal
with the right to reproduce a piece of art such as a play or song.
Many solicitors who work in art law are experienced
litigators, as a large part of art law is the settlement of ownership disputes.
As part of the specialist services offered at his legal practice in
Switzerland, Dr Edgar
Paltzer provides advice to art dealers and collectors.
Copyright Law
Copyright law can be a complex area and the regulations may
vary between jurisdictions. Copyright laws typically last for the lifetime of
the artist, plus a specified number of years following their death. After this
time, the work is classed as being in the public domain, which means it can be
reproduced or used by anyone without seeking permission from the owner.
Copyright gives the owner of the piece of artwork or
intellectual property the exclusive right to copy or reproduce the work. The
copyright owner is the only person or entity with permission to distribute,
rent, lend, or otherwise issue copies of the work to the public.
They are also the sole entity with the right to transmit or
broadcast the work under copyright, and permission must be sought from the
copyright owner for anyone else to use the work in any of the above ways.
Art Contracts
Artists often enter into legal contracts with clients to
produce certain pieces of work within a timeframe and to exact specifications.
These contracts are binding and should therefore be written, signed, and
witnessed before any work takes place.
There are certain rules and regulations that apply in
specific jurisdictions, so any artist
entering a contract should make themselves aware of the laws pertaining to
each jurisdiction involved in the contract before signing.
An example of this would be the law which states VAT is
applicable to all digital services and products sold in the EU. In this case,
the artist needs to factor the cost of this before working out the terms of the
contract.
Art Transactions
Art transactions may take place between the original artist
and a buyer. They may also take place between two or more collectors or
investors. Buyers and sellers may be private individuals, or they may be
entities such as art galleries or museums.
Art lawyers can provide pre-emptive advice to ensure each
sale goes through according to the terms of the contract. Art sale contracts
can be complex, as they may include intricate details regarding how, where and
when the art can be displayed to the public and are not always simply about
transferring property from one owner to the next.
Having legal advice from the start of any potential art
transaction can help avoid the possibility of future litigation.
The Business of
Art Collecting
Art collecting is such a big business that approximately $11
billion in assets are owned by just the top five global art collectors. The
most valuable private art collection in the world is valued at approximately $3
billion, owned by Ezra and David Nahmad.
While most art collectors will not spend quite so much,
there are many people who include fine art in their investment portfolio. Art
is an alternative investment, which makes it good for diversifying portfolios.
The right art can increase significantly in value over time.
Having access to a legal professional who specialises in art
law can help make art a less risky investment.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.