This afternoon study event was organised by the Institute of Art and Law to investigate what good faith and due diligence really mean to the art world.
In art law, as in other fields, it is always tempting to recite words without rigorous thought as to what they mean. One such phrase is 'due diligence' which, like 'good faith' and related concepts, is often cited in regard to art dealings but not always understood.
Lawyers and museum officials alike could profit from a searching and practical analysis of the legal situations in which due diligence and good faith are relevant, or as to the relationship between them, or as the effect of their presence of absence, or as to the precise standards of conduct they import, or as to the burden of proof, as to the means for ensuring that they are observed.
Drawing on a wealth of modern case law, from both within and beyond the art world, and using a wealth of practical examples, the seminar provided valuable practical guidance on proper standards of behaviour for museums, private collectors and trading bodies in modern art and antiquities transactions, and suggested solutions to the challenge of illicit markets in today’s atmosphere of cross-border art mobility.
Speakers included Marc-Andre Renold (avocat, Geneva) Gilead Cooper QC (3 Stone Buildings), Professor Norman Palmer CBE (Treasure Valuation Committee and 3 Stone Buildings), Joseph Carney (3 Stone Buildings), Freda Matassa (independent museums consultant) and Richard Ellis (the Art Management Group). The programme is available by clicking here.