WHAT IS THE DUE DILIGENCE FOR ART
According to the experts of the Fine Art Institute di Ginevra more than 50% of the artworks in the market are counterfeilt o wrongly attributed.
Knowing the history of the works is essential to avoid risks in the purchase of works of art.
But how is it possible to research and deepen the data and documents of a work?
The answer lies in the Due Diligence procedure, applied in the world of art by experts to reduce the risks of purchasing works with authenticity problems and affects their value, protecting the collector in case of problems after purchase.
In the Due Diligence practice, checklists are used with the indication of the elements and documents that must be examined.
- Verification of the illicit origin of a work through investigations in international databases, such as the databases of the Carabinieri Command for the Protection of Cultural Heritage and the Art Loss Register;
- Verification of the attribution, studying the type of work, the name of the author, the title, the date of execution, the technique or medium, the dimensions;
- Verification of the authenticity of the work by examining the Certificate of Authenticity and documentation relating to the exhibition history of the work (exhibitions and exhibitions, presence of the work in the artist’s catalog raisonné);
- Verification of the conservation status of the work certified by the Condition Report drawn up by an expert Art Restorer.
To avoid all the risks following the purchase of a work of art, it is good practice that the documentation collected in these verification operations is archived together with the work.
However, Due Diligence it is a crucial procedure not only for the sale, but also for the estimate evaluation, insurance compensation, indemnities, disputes or even for art lending.
Today, new technologies support the Due Diligence processes for art, including Art Rights, a support platform for the management, certification and authentication of works of art for the protection and favor of Artists, Collectors and Industry Operators.
Art Rights has become the “passport of the work of art”, with a unique system of validation of information and documents by several professionals in favor of authenticity, provenance and due diligence, to give greater confidence to the market.
If you need support in the Due Diligence procedures before purchasing a work of art, contact the experts in the section Art Concierge of Art Rights, the largest community of art professionals.
And you, did you know the importance of the due diligence?