Due diligence forms an essential part of art transactions. Investigating and obtaining as much information as possible about the parties to the proposed transaction, the artwork and the transaction itself protects art businesses and collectors and helps art businesses manage their reputational and financial risks. Gathering and holding such information may entail additional responsibilities particularly in terms of data protection where personal information relating to individuals is concerned.
In the antiquities market, a proper due diligence is also essential to protect the market from illegal transactions. While this market has many similarities to the art market in general, it also presents unique challenges. For this reason, this appendix has been developed. In order to carry out a complete analysis of a transaction, it also necessary to refer to the main checklist (Client due diligence toolkit; Artwork due diligence toolkit; Transaction due diligence toolkit) and the Explanatory Notes.
Authors
- Morgane Desboeufs, Art-Law Centre, University of Geneva
- Nicholas O’Donnell, Sullivan & Worcester, Boston
- Will Korner, TEFAF, Maastricht
- Jean-Bernard Schmid, attorney, CMS, and former public prosecutor, Geneva
- Isabelle Tassignon, Fondation Gandur pour l’Art, Geneva