In an interview with the Wall Street Journal, partner Megan Noh, a co-chair of Pryor Cashman's Art Law Group, discussed the art authentication process all buyers should undergo to ensure each purchase is a valuable investment. To minimize risk, buyers should consider the work's provenance, inclusion in a catalogue raisonné, expert verified authenticity, and whether or not a scientific analysis has been conducted. According to the Wall Street Journal:
Next on the checklist, a purchase must include a written agreement (not just an invoice or receipt). Megan Noh, co-chair of the art law group at the New York law firm Pryor Cashman, says such an agreement should include unqualified representations from the seller that the work "is authentic and that the seller has provided all information in its possession about the work relevant to attribution, including any prior third-party authenticity opinions."
Under the Uniform Commercial Code, a model code pertaining to commercial transactions from which relevant provisions have been adopted in 49 states and the District of Columbia (Louisiana is the outlier), a description of artwork that includes the artist attribution creates an express warranty. However, Ms. Noh states that "the UCC simply establishes a contractual cause of action in the event of a breach of warranty but does not specify a method of dispute resolution for such a claim." This means that in case of a challenge, the decision as to authenticity likely will have to be litigated unless the relevant purchase contract sets forth another mechanism, such as arbitration.
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