Issue/95/

FINE PRINT

Buyer Beware!

The cavalier approach in the art market to signing contracts is a matter that causes constant dismay to lawyers who observe the industry. Most people would never dream of purchasing a piece of real estate for a seven-figure sum without a written contract. They would invariably appoint lawyers, undertake a title search and other detailed due-diligence steps, and ensure their rights are protected through a detailed sale contract. Yet, when it comes to purchasing a piece of artwork for a similar seven-figure sum, the same person is often content to rely on a handshake or,
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