This article is authored by Phoebe Kouvelas LL.M. and has been first published in the Art & Museum Magazine, Winter Issue, 2017, p. 24-25

Most museums have a view on what their principal legal risks are; nevertheless, those are addressed through the use of empirical checklists designed to avoid pitfalls or after a triggering event. What is in fact needed is the adoption of processes, procedures and controls based on the type and level of risk associated with each activity - a risk-based approach (RBA)

Museums and large private collections run significant legal risks whether they are preparing for an exhibition, accepting a donation in good faith or lending works from their collections for people around the world to appreciate.

In an ever more complex art world, the proactive assessment and management of legal risks has become a necessary exercise for museums and art collectors.

Buyers beware: you may be liable to pay resale royalty to the creator of a work of art.

Art can be used as an alternative means to obtain liquidity - and is increasingly being used as such.  

Depending on where the artwork is located, the borrower may keep enjoying the art, or he may have to surrender it to the lender.

The risk taken by museums and collectors by not covering against theft is staggering and hard to justify.

The risks & potentially significant losses of buying a fake work of fine art can be mitigated or averted through pre-sale due diligence.

Το ρίσκο αγοράς πλαστού έργου και τα πιθανά σημαντικά κόστη μπορούν να αποφευχθούν επιδεικνύοντας την δέουσα επιμέλεια πριν την αγορά.

Getting to know how to navigate through Europe's import VAT rules could save you from considerable costs. 

Μαθαίνοντας πώς να πλοηγείστε στα καθεστώτα που διέπουν τον ΦΠΑ εισαγωγής της Ευρώπης, θα μπορούσε να σας γλυτώσει από σημαντικά κόστη.

Buyers: before you invest in that work of art you so badly want, make sure you get what you pay for!
Sellers: having proof with regards to the condition of your art at the time of sale, can potentially save you a lot of unnecessary, and possibly costly, future trouble.

Αγοραστές: πριν επενδύσετε σε εκείνο το έργο που θέλετε τόσο πολύ, σιγουρευτείτε ότι αυτό που αγοράζετε αξίζει τα χρήματα που πληρώνετε!

Πωλητές: το να έχετε απόδειξη σχετικά με την κατάσταση του έργου την ώρα της πώλησης μπορεί να σας γλυτώσει από πολλά περιττά και πιθανώς δαπανηρά μελλοντικά προβλήματα.

After seeing these eye-popping 8-digit figures for some amazing art, what do you think we can expect for 2014?

Μετά από αυτά τα εντυπωσιακά οκταψήφια νούμερα για 10 εκπληκτικά έργα τέχνης, τι πιστεύετε πως μπορούμε να περιμένουμε το 2014?

Seller's anonymity at auctions has been through quite a ride lately but it's finally settled and it's here to stay. Sellers of fine art from all over the world are potentially affected by this New York state development, as the Big Apple is quite often the place to auction art. 

Το θέμα της ανωνυμίας των πωλητών πέρασε περιπέτειες τελευταία αλλά τελικά είχε αίσιο τέλος. Πωλητές έργων τέχνης από όλο τον κόσμο επηρεάζονται δυνητικά από αυτή την εξέλιξη στην Νέα Υόρκη μιας και το Μεγάλο Μήλο είναι συχνά το καλύτερο μέρος για πωλήσεις έργων τέχνης μέσω δημοπρασίας. 

Consider selling a valuable work of art? Discover 10 crucial tips on how to approach the auction houses that will prove crucial on your sale proceeds.