Jessica Franses, Simon Harding and James Petts of 36 Art are all proud to announce their participation in Family Office Art Masterclass: Buying, Owning and Selling Fine Art -The pitfalls and solutions
The event was given to family offices, wealth advisers and fiduciaries alongside PwC’s Luxury Asset Advisory team at PwC UK on 16th October 2019.
The event commenced with two scintillating presentations given by art recovery expert Christopher Marinello on Stolen and Looted Objects and the impact of Title claims and by forensic expert Francis Eastaugh on Fakes, forgery and authentication.
The presentations were followed by two interactive panel discussions with ADDG and PwC specialists covering two different case scenarios, one where a family office principal is arranging the sale of fine art for their client and the other where a wealth advisor is looking to acquire a new art portfolio for a client new to the art market.
The cases covered comprised elements of actual situations that have taken place or that constitute typical pitfalls, including:
- Title of ownership: restitution, liens, cultural heritage & national treasure
- Provenance, attribution and authentication: misattribution, fakes & forgeries
- Expert reports: connoisseurship, attribution, value, & condition
- Import and export issues: obtaining licences including CITES – endangered species legislation
- KYC: due diligence on parties, agents and fiduciary duties
- When it goes wrong: Fraud, defamation, reputation management & litigation
- Tax & Customs Issues: inheritance tax, offshore ownership structures, customs duties, VAT liability & bonded warehouses.
Overall the masterclass digested the due diligence issues that are essential for advisers tasked with handling high value art for their clients.
The event was followed by drinks and canapés and an interesting presentation on due diligence in wine investing and collecting given by Cult Wines who hosted a wine tasting session.
For more information about the masterclass please do contact us.