Overview
Our team advise clients on a wide range of increasingly complex issues in the art sphere. These include acquiring and holding valuable art, the sale and acquisition of art pieces, art financing, tax structure, regulatory, including anti-money laundering (AML) and counter financing of terrorism (CFT) advice, intellectual property advice, drafting contracts, and dispute resolution.
We also advise clients on new technological and legal developments in the art market.
The Business of Art
The creation, management and exploitation of artistic works, both traditional fine art and modern art, is a growing international business.
Artworks are now widely accepted as an asset class known for holding value over the long run. It is particularly attractive for diversification and hedging against risk, having a low correlation with prevailing market conditions.
Owning art is now both a personal passion and a business, with entire industries developing around trading, financing, investment and safekeeping in art.
A Multi-disciplinary Approach
Art law, however, is a complex area.
Acquiring and owning artistic works comes with various obligations, be it moral, legal, monetary and taxation requirements.
Art lawyers, therefore, need expertise in various precise disciplines, including financing, security, property transactions, regulations, intellectual property, and dispute resolution, including cross-border litigation and arbitration.
Our team has considerable knowledge and experience in various areas specific to art law, as well as an extensive network of contacts in the art world, including close connections with art lawyers in other jurisdictions.
We are particularly well known for advising on tax planning and tax structure for holding or investing in art.
With its high value and relative opacity, artistic works have become an attractive way to potentially launder illicit funds.
This means clients also need advice on the constantly evolving areas of anti-money laundering (AML) and counter-financing of terrorism (CFT) regulations. Our award-winning criminal lawyers are adept at advising clients about potential inquires and investigations relating to art.
Embracing Innovation and Technological Advancements
Recent technological developments, particular the advent of Web3, blockchain, decentralised finance and tokenised economics, have gained familiar tractions and new adaptors and opened new frontiers of exploitation and exploration.
Our team closely tracks technological and legal developments and can quickly help our clients navigate these new landscapes.
Our Clients
We have acted for artists, private owners, collectors, art commissioners, dealers, archives, charities, galleries, event organisers, and financial institutions, advising on a wide range of legal and commercial issues relating to art.
Our Services
Haldanes offers a comprehensive range of services to meet client needs in art law, including:
- Sale, purchase and auctioning of art and related work.
- Artwork appraisal.
- Due diligence review/ title or provenance investigations.
- Consignment and storage arrangements.
- Tax planning and advice; tax advice in international transactions.
- Dealing with tax or regulatory inquires or investigations with authorities.
- Service agreements relating to art.
- Estate planning and trust structuring advice relating to art.
- Establishment and management of investment structures such as art funds.
- Loan financing supported by art collaterals.
- Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) compliance advice and review.
- Artwork exhibition and live events.
- Loans of artworks to museums and galleries.
- Import, export, regulatory and compliance review.
- Handling commercial, title or right disputes, including litigation and arbitration.
- Intellectual property advice, strategy, enforcement and litigation.
- Artwork commission agreements and disputes relating to commissioned works.
- NFT and digital collectibles.
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- Representative Experience
- Assisted a client in securing a multi-million US dollars facility, utilising artworks as collateral. Our expertise in art finance enabled us to navigate the complexities of this unique transaction, ensuring that our client’s interests were protected throughout the process.
- Advice to a client in relation to a dispute involving artwork financing. Our in-depth understanding of the art industry and its legal intricacies allowed us to provide effective guidance to our client, helping them navigate the dispute and reach a favourable settlement.
- Assisted an art consultancy firm in successfully hosting largescale art installations and related exhibitions. Our support encompassed various aspects, including legal compliance, contract drafting, and ensuring the smooth execution of the installation.
- Advised a leading contemporary art gallery in establishing an art fund for acquiring contemporary Chinese art. Our expertise in fund formation allowed us to guide our client through the intricate process, ensuring compliance with relevant regulations and optimising their tax efficiency. We also advised client in entering into agreements with artists.
- Engaged by an art buyer involved in a dispute with a selling art gallery. Our expertise in art law and dispute resolution allowed us to provide preliminary advice to our client, empowering them to navigate the dispute effectively.
- Advised a groundbreaking media project featuring anime-styled artworks authenticated by NFTs and its visionary founders/creators in establishing corporate entities. Our expertise encompassed addressing the intricate legal and tax implications involved in the process. Additionally, we prepared and advised on a range of essential legal agreements, including but not limited to the shareholders’ agreement and consultancy agreement.
- Advised an art-related non-profit organization in relation to its art archiving services. We advised client on issues surrounding anti-money laundering checks, personal data privacy and risks in handling/storing artworks.
