The Wall Street Journal | Daniel Grant:
Protection Is Often Recommended, but Most Collectors Aren’t Buying It
When you buy a piece of art, can you be sure it’s really yours? Many collectors don’t always feel certain on that score.
Photo: Getty Images
They worry in some cases that after they make a purchase someone will show up, maybe years later, and claim the art was stolen at some point in the past—ultimately leaving the new owner empty-handed, without the art or the money paid for it.
That’s one reason many art advisers and lawyers recommend title insurance, which can at least partially protect a collector’s financial interests if a piece of art has to be surrendered. But theft isn’t the only issue. Title insurance also can help protect collectors if the person they bought art from becomes entangled in divorce, bankruptcy, probate or other legal proceedings that question the seller’s right to dispose of the art…
Read full article via source: http://www.wsj.com/articles/art-collectors-weigh-title-insurance-1428894124