Article on Art Forgery by Murray and Woods Published Exclusively for Private Wealth Magazine
In the vibrant world of art, disputes over forgeries can arise, leaving collectors in a precarious position. A recent article published by Private Wealth titled 'Fighting the Forgers' highlights this growing danger as demand and prices for fine art increase dramatically.
When faced with a forgery, collectors have several options to seek justice. However, negotiating a mutually agreeable settlement out of court can be an attractive choice, especially for those who wish to avoid the raised profile and costs of litigation.
Settling out of court offers benefits for both parties. It allows for a resolution without the risks and uncertainties of a court trial, providing a more efficient and private way to resolve disputes. For collectors, it can be a preferred choice to protect their reputation and avoid the negative publicity that can come with a court trial over art forgeries.
In an ideal world, a collector would take several steps to ensure the authenticity of a work. This includes buying from reputable sellers, obtaining written assurances, hiring a neutral expert, purchasing an insurance policy, and documenting custody of the work. Even under ideal circumstances, a collector may discover they have purchased a fake, sometimes years later.
In such cases, the collector's legal options can be limited by factors such as statutes of limitations and skeptical judges. However, a collector could seek civil damages for a breach of contract, for a breach of an express or implied warranty, for a breach of fiduciary duty, or even for fraud.
Settlement out of court can be reached at any point in the dispute resolution process, even before a lawsuit is filed. This can be a way for collectors to save time and resources compared to a lengthy and costly court trial over art forgeries. It also offers a more flexible and customizable solution, as the parties involved can negotiate the terms of the resolution, including compensation for damages, return of the artwork, or other remedies.
Several prominent artists, including Jeff Koons and Banksy, have been victims of art forgery in recent years. They employed strategies such as forensic analysis, provenance research, and expert authentication to verify the authenticity of their works, and pursued legal actions to claim damages. However, settling out of court can provide a less public and potentially less costly resolution to such disputes.
In cases where the seller continued to represent the work as genuine long after the sale, the collector could argue that the statute of limitations should run from the point of the collector's last contact with the seller. This underscores the importance of maintaining communication and vigilance even after the purchase.
In conclusion, while the art market can be fraught with forgeries, settling disputes out of court can provide a more efficient, private, and flexible resolution for both collectors and sellers. It's a strategy worth considering when navigating the complexities of the art world.
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