Forsters has a specialist team of lawyers drawn from across the firm to provide a full service to clients owning heritage property and works of art. We have a broad range of clients including artists, galleries and auction houses, individual owners and collectors or art, owners of historic houses and their contents, whether individuals, trustees or charities in the UK or overseas.
Our team gives advice on:
- tax and succession planning
- structuring of artists' businesses, agency agreements and lending arrangements
- formation of charities and art foundations
- intellectual property rights including artists' resale rights
- import and export of works of art
- buying and selling art privately or at auction
- conditional exemption and public access requirements, acceptance in lieu scheme, maintenance funds specific to heritage property
- liability and insurance issues for trustee owners of heritage property and art
- disputes regarding ownership, provenance and authenticity of art
- litigation over transactions involving agents, auction houses and galleries.
Further information on our Art and Cultural Property Group's specialist expertise can be found here.
The art industry, like most other industries, is not immune to the effects of the coronavirus. It is important for galleries, dealers, museums, auction houses, and other art businesses to consider the employment issues arising as a result of the pandemic. This is no easy task, especially when guidance and regulations are being introduced and changed at unprecedented speed.
Art in the time of Coronavirus: HMRC relaxes the public access requirements for Conditional Exemption
HM Revenue & Customs (HMRC) has temporarily relaxed the public access requirement for Conditional Exemption, and urged the owners of heritage property to follow the restrictions now imposed by the UK government on business operation and public movement due to the Coronavirus outbreak.
With one third of the global population living under lockdown, we are witnessing the dawn of a new, and hopefully temporary, normal. We are all having to adapt to significant changes to our daily lives, social interaction and the operation of our businesses.
According to the British Art Market Federation, the UK arts and antiques market is comprised of nearly 8,000 businesses, providing direct employment for over 41,000 people. It is the third largest in the world with over a 20% global share and, therefore, a significant sector in the UK economy.
Charitable arts organisations have been hugely affected by the coronavirus pandemic. All of the large museums and galleries have had to cancel exhibitions and events, with enormous revenue consequences.