BRIEFING AN INTRODUCTION TO Forsters’ Art and Cultural

Forsters LLP 31 Hill Street London W1J 5LS DX: 82988 Mayfair T: +44(0)20 7863 8333 F: +44(0)20 7863 8444

W W W . F O R S T E R S . C O . U K

A N I N T R O D U C T I O N T O

Forsters’ Art and Cultural Property Group

BRIEFING

The team of specialist lawyers who make up the Art and Cultural Property Group at Forsters advises a diverse range of clients operating in the art world. Our expertise covers the legal practicalities of acquiring, owning and creating art (including taxation, import and export requirements and regulatory obligations), as well as contentious matters involving art. Our approach centres on understanding our clients’ needs fully so that we can enable efficient and cost-effective solutions.

1

The group has long-standing relationships with specialist valuers, art advisers and institutions and is able to draw on expert knowledge across the firm, particularly from our Private Client, Corporate and Dispute Resolution teams.

Forsters’ Art and Cultural Property group has a breadth of experience acting for individuals, institutions and trustees in both UK and international art markets. Clients include international collectors, auction houses, dealers, galleries, museums, charities and living contemporary artists seeking to establish structures to safeguard their artistic legacies and provide for their family. We also act for families and trustees owning Old Masters and chattels of national importance.

“THEY ARE VERY KNOWLEDGABLE ABOUT THE ART AND HERITAGE SECTOR AND WHENEVER YOU DEAL WITH THEM YOU FEEL VERY CONFIDENT THEY KNOW WHAT THEY ARE DOING AND CAN DEAL WITH ANY MATTERS WE PUT IN FRONT OF THEM”

Chambers HNW, 2020



BRIEFING

2

FORSTERS’ ART AND CULTURAL PROPERTY GROUP



BRIEFING

2

DEALERS AND PRIVATE GALLERIES

Our cross-departmental team provides specialist advice to dealers and private galleries, assisting with contracts for sale, artists’ representation agreements, consignment agreements and employment contracts. Specialists in our real estate teams are attuned to the particular requirements of galleries and dealers and are well equipped to advise on the terms of tenancy agreements for those looking at renting new spaces or renewing their current leases.

We are regularly instructed to assist with disputes, including those concerning authenticity, title and breach of contract. Our clients value the fact that our experienced litigators repeatedly obtain favourable outcomes for them, often negotiating early settlements and minimising the reputational damage caused by such disputes.

GREAT HOUSES, MUSEUMS AND CHARITIES

We advise the owners of pre-eminent collections on satisfying inheritance tax liabilities through offers in lieu. We have also advised on a number of offers in lieu in situ; cases in which a piece or a collection used to settle tax is lent back to the taxpayer so as to remain on public display at the family home.

We work with families to form private charities to hold significant collections, or which will raise funds to maintain objects and buildings of national importance. In that context we often collaborate with advisers in other jurisdictions to create sister charities, enabling the trustees to fundraise in the US and elsewhere.

We advise museums on their acquisition of collections, and the subsequent management and lending of the items.

AUCTION HOUSES

Our team regularly works with auction houses and understands the practical and legal issues that these institutions face. Our involvement includes advice to the business vehicles themselves (taxation and structuring) and the underlying auction transactions (terms and conditions and contractual issues).

The recent shift in emphasis to online sales means that clients have had to revisit their terms and conditions, and this is shaping the types of UK and international contractual disputes that arise both in Court and via arbitration.

BRIEFING



3


ARTISTS AND THEIR ESTATES

Our specialist team regularly advises living artists on the competing aims of safeguarding their artistic legacies and making provision for their families.

We take time to ensure we understand what drives each artist and his or her family dynamic. We can advise on business structuring, contracts, lending and exhibition terms. We establish foundations, draft wills and deal with all estate planning matters, whether taxation or succession. We draw upon the expertise of art advisers with specialist knowledge of the market for the artist’s works whenever needed.

“THEY HAVE CONTINUALLY SATISFIED EXPECTATIONS FOR RELIABILITY AND EFFICIENCY AND ARE ALWAYS DEDICATED TO DELIVERING A QUALITY SERVICE.”Chambers HNW, 2019

COLLECTORS

When collectors acquire works (either by purchase, gift or inheritance), we assist with advice on valuation, tax, provenance and transfer of title. We are then on hand for ongoing advice, considering how works are (or should be) held and assisting with tax and art lending. Our team is able to draw on its expertise in estate planning, family governance and tax to advise collector clients on succession to ensure a smooth transition to the next generation.

Our team is alive to the risks facing collectors and will seek to minimise these at each stage. Where disputes cannot be avoided, our specialist litigators are able to assist in resolving these as efficiently and on the most favourable terms possible.



facebook.com/ForstersLLP

@forstersllp

forstersllp

@ForstersLLP


BRIEFING

C A T H E R I N E H I L L

PartnerPrivate Client

T: +44 (0)20 7863 8525 E: [email protected]

R U P E R T M E A D



F I L I P P O P E T T E N I

ConsultantDispute Resolution


L A U R A N E A L

Senior AssociatePrivate Client


J O T H O M P S O N

AssociatePrivate Client


“ALL THE PEOPLE AT THE FORSTERS ART & CULTURAL PROPERTY TEAM ARE VERY APPROACHABLE AND

COMBINE THIS WITH KNOWLEDGE. THEY ALSO LISTEN WHICH IS RARER THAN YOU MIGHT THINK.”

The Legal 500, 2020

KEY TEAM MEMBERS

G U Y A B R A H A M S



Documents

BRIEFING AN INTRODUCTION TO Forsters’ Art and Cultural