Legal Guide to Buying and Selling Art and Collectibles by Armen R. Vartian (1997, Paperback)

This book is an important source of information for buying, selling, consigning or holding for appreciation all types of art or collectibles. It is both a good read and reference on the subject.

Armen R. Vartian, Esq. has done an excellent job of surveying and identifying numerous legal aspects of trading in art and collectibles. Drawing upon the author's expertise and experience as a top lawyer and legal consultant in the art and collectibles areas, the author identifies major pitfalls, the risks involved and how to avoid or mitigate them.

The first two chapters deal with written contracts and how express and implied warranties and disclaimers are used to allocate risk. Chapter 3 deals with warranties of authenticity, condition, quality, grade, rarity and how they should be expressed and their limitations. Chapter 4 deals with obtaining good title. Chapter 5 deals with buying for investment including liquidity, markup, buybacks, etc. Chapter 6 deals with selling through dealers. Chapter 7 deals with buying through the mail, return privileges, illegal items, copyrights, moral & resale rights. Chapter 8 deals with consigning to an auction house and how they operate: contracts and bidding mechanics. Chapter 9 addresses obtaining through public auctions. Chapter 10 addresses dispute resolution via negotiation, arbitration and litigation. Chapter 11 deals with relevant governmental agencies. Chapter 12 deals with sales, use and income taxes including barter, IRAs, insurance and recordkeeping. Chapter 13 deals with estate planning and charitable donations including appraising.

I find the book organized very well. I often consulted it in the library when requiring specific information as I know it will be covered, but have found its breadth and depth indispensible as a reference. I just had to have it on the shelf next to the standard trade and guide books. Hence I bought it - over a decade after it was published.

I believe the book is in need of revision and updating - including changes in the marketplace, case law and statutes especially with regards to international trading in cultural artifacts, their importation, etc. Such should also include the legal aspects and limitations of on-line trading through venues such as eBay and other sites that do not retain title. Also, the use of electronic payment systems needs to be addressed. Furthermore, the legal pitfalls in the collectibles area including where there are no intellectual property rights to be enforced - like for instance most philatelic and numismatic items - for on-line scamming and defrauding and the like are significant. Such needs to be addressed as we see a tremendous number of forgeries and alterations - some even using false or tampered certificates of authenticity.

Another thing I believe is so important for eBayers is that all buyers or sellers, should read this book. With the information in it, even the occasional, non-professional seller will find it helpful to assist in composing listing descriptions, terms of sale, etc. I believe it can help in reducing the number of listing violations encountered especially when such egregious offenses are worded cognizantly or not as authenticity disclaimers. For the buyer it helps to dissect listing descriptions and terms for aspects that may be problematic thus helping to identify risks that may be unacceptable or suggest a cap on bidding activity.