“Your Art Dealer is Not Your Friend”: Due Diligence Requirements for Purchasers of Artwork

A recent string of decisions in the state and federal courts of New York demonstrates that collectors must conduct due diligence not just to discern a work’s authenticity but also to determine the market value before making a purchase – even if the purchase is from someone whom they trust.[...] Accordingly, a potential purchaser of artwork must conduct her own inquiry into the authenticity and fair market value of the work. Moreover, because the art gallery owes no fiduciary duty to a purchaser, it is imperative that any agreement between the two be memorialized in writing. Indeed, if your decades-old relationship with your art dealer cannot withstand the test of a written agreement, then your art dealer is certainly not your friend.

Yelena Ambartsumian, 'Courts find “Your Art Dealer is Not Your Friend”: Due Diligence Requirements for Purchasers of Artwork'. Clancco Art and Law

No mention of licit origins.