Art business and art investments in Thailand and abroad

Transactions and disputes in the art world

Creation of art: Painting, sculpture, and architecture are defined as the three classical branches of art. Performing arts (music, theatre, film, dance), as well as literature and other media, fall under a broader definition. Such a definition of what constitutes art has changed over time and is continuously disputed. Artworks might involve cultural property (antiquities, artifacts, and objects of historical, religious, ethnological, or archeological importance).

Art industry: Apart from the artist, the art industries involve art dealers and brokers, private collectors, museums and galleries, trustees and family offices, investors and banks, curators, auctioneers, auction houses, insurers, appraisers, and lawyers. Art business operates in practice 

Thai art is primarily composed of Buddhist art and scenes from the Indian epics. Traditional Thai sculpture almost exclusively depicts images of the Buddha. Traditional Thai paintings usually consist of book illustrations and painted ornamentation of buildings such as palaces and temples. 

Legal expertise regarding the legal framework, industry practice, and habits of the art business 

#1. International art trading: Legal and commercial issues affect the sale and purchase of art in various contexts such as in auction houses, by museums, and private sales both with and without agents. International art contracts follow specific standards and drafting and negotiating are of high importance for the parties. Auction laws cover consignment, auction, and execution. Private cross-border art transactions include transportation agreements, import and export with their customs and taxation aspects

 

#2. Art due diligence: On an international level, artworks have frequently complex ownership issues, collateral security, copyright and cultural asset property rights, counterfeiting and restitution claims, stolen/looted art and similar aspects. A comprehensive art due diligence has the purpose to disclose such legal and commercial implications to give the prospective buyer a risk assessment as a basis for his investment decision. 

#3. Art litigation includes disputes over ownership, counterfeiting, authenticity and provenance, misattributed or damaged artwork, restitution claims, art fraud, loss of sale and associated losses, breach of contract, and the liability of appraisers and art consultants. Dispute resolution might be required in the form of litigation, arbitration, or ADR. 

#4. Other art law practice topics cover insurance claims, criminal litigations, the artists’ legal rights and protections including statutory artist protections and privileged artist-dealer relationship, export restrictions, art taxation including VAT implications of importing art, asset protection structures, and art inheritance. 

Professional services from Bangkok for art transactions and art disputes with participants in Thailand

PUGNATORIUS Ltd. is the Bangkok-based specialist provider of legal services and tax advice on foreign investments in Thailand’s manufacturing and service industries as well as property acquisitions and developments. Sophisticated solutions in a complex business environment. Serious legal and tax advice in the land of smile. 

The law firm advises and represents art investors in Thailand in the domestic and cross-border acquisition and sale of artworks. It represents art dealers and agents in complying with the legal framework and defending against unjustified claims. PUGNATORIUS Ltd. has an international network of business contacts to players in the art world and brings their expertise and experience to the art mandate.  


Disclaimer: A little knowledge is a dangerous thing. This low-resolution high-level outlook constitutes neither legal advice nor an attorney-client relationship.

Comments are now closed for this article.