“The attitude, often unarticulated but persistent, that art is being bought in a context of appreciation for its intrinsic and aesthetic merit, may perpetuate reluctance to regulate the art market. Wrongly.”

The manner in which certain artists are being promoted by the press and other media and how their prices are being monitored in indexes and databanks indicates the existence of a market. As a result, the chance that an art dealer turns into an investment consultant who defends the interests of the buyer, increases. The attitude, often unarticulated but persistent, that art is being bought in a context of appreciation for its intrinsic and aesthetic merit, may perpetuate reluctance to regulate the art market. Wrongly. If purchasing art is no longer caused by a spontaneous injection of aesthetics but becomes a calculated risk, then regulation become inevitable.

Very interesting article by Oliver Lenaerts, Belgian art lawyer and teaching assistant at the institute for corporate and financial law at the Catholic University of Leuven, on the application of securities law on art sales in Belgium. Although the article is specific to Belgium (a civil law jurisdiction), the essay raises interesting points and questions, primarily, which art purchase conditions trigger the application of financial disclosure laws ?

The article is published in Art, Antiquity and Law Journal (London) and will be published in a Belgian academic journal on banking and finance law.

Many thanks to Oliver for sending my way.

Tags: art, art as investment, artlaw, asset, belgium, financial disclosures, Oliver Lenaerts, securities