Article on Art Forgery Authored by Murray and Woods Featured in Private Wealth Publication
In the world of fine art, the danger of forgeries is on the rise, as demand and prices continue to soar. This is the central theme of an article titled 'Fighting the Forgers' recently published by Private Wealth.
The article, however, does not provide information about specific institutions or persons in the art world as known sellers of artworks. This strategy avoids the raised profile and costs associated with litigation.
When a buyer discovers that they have purchased a fake artwork, they may face limited legal options. The legal options for dissatisfied buyers can be limited by factors such as statutes of limitations and skeptical judges. In such cases, negotiation for a mutually agreeable settlement out of court can be an option.
Out-of-court settlements can provide a more flexible solution, as the parties can tailor the terms to suit their specific circumstances. These settlements can be faster and less expensive than going to court. Moreover, they can help maintain the buyer's and seller's business relationships, as they avoid the public scrutiny and potential damage to reputation associated with a court case.
In an ideal situation, a buyer would take steps such as purchasing from reputable sellers, obtaining written assurances, hiring a neutral expert, purchasing insurance, and documenting custody of the work. However, even in ideal circumstances, buyers may discover they have purchased a fake, sometimes years later. Realistic price and expert certification are not always guarantees of authenticity in the art market.
In certain circumstances, a buyer could seek civil damages for a breach of contract, breach of warranty, breach of fiduciary duty, or fraud. If the seller continued to represent the work as genuine after the sale, this could extend the statute of limitations. The terms of an out-of-court settlement are usually kept confidential.
Out-of-court settlements can be beneficial for both parties, allowing them to avoid a lengthy and public legal battle. Negotiation can be a viable option for buyers who do not wish to pursue legal action. By choosing this route, both parties can preserve their professional relationships and avoid the potential negative impact on their reputations that a court case might bring.
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