WORKING with art is fascinating, even for lawyers.Unlike most other lifestyle assets, works of art do not have monetary value only. They also enhance our lives with their cultural value.If you are a collector, private or corporate, interested in establishing a collection which would be of real cultural interest, there will be significant legal issues to address.Where a collection has been assembled which has become more than its constituent parts, a whole range of legal issues come into play for those who own these unique and irreplaceable assets. The collection will outlive those who have assembled it and will need to be cared for and displayed in the interests of society as a whole.It will need to avoid pitfalls that face all accumulations of wealth, such as the claims of creditors, spouses and heirs, as well as the ravages of taxation.The legal issues are to some extent different at the various stages in the life of a collection. At an early stage, a lawyer would typically be inv...
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