Due diligence in the art market from a Swiss point of view.
Some of our clients actively collect art. Others simply love it. Yet the news often reports that a work is stolen or of unclear origin. We therefore asked a well-known expert. Dr Franz-Josef Sladeczek, a Bern-based art expert and author, explains how careful due diligence protects buyers in the art market.
Stricter rules since 2005
The Federal Act on the International Transfer of Cultural Property took effect on 1 June 2005. It set new rules for importing and trading cultural property in Switzerland. As a result, awareness grew. Every deal now needs extra care. Moreover, court rulings confirm this. Buyers must research a work carefully before they buy.
The questions every buyer should ask
So a few questions always matter. Where does the work come from? What is its documented history? What is its state of conservation? And is it truly authentic?
In practice, good due diligence follows several steps. First, the buyer checks the provenance and the chain of previous owners. Next, an independent expert examines the piece and confirms its attribution. Finally, the parties review export papers and any restitution claims. These steps take time. Yet they protect both the buyer and the reputation of the art market.
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