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When dealing in art: The legalities of buying high-value paintings

A ready reckoner for buyers and sellers

India art fair
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Artist led tour with Jitish Kallat at National Gallery of Modern Art, February 2, 2017

Shweta MallyaShreya Rao
The India Art Fair, scheduled for the second week of February, will feature about 78 galleries from 18 countries. This time it also pays tribute to our nine national treasures, including Raja Ravi Varma, Jamini Roy, Nandalal Bose and Amrita Sher-Gil. Amidst the excitement, potential buyers of high-value art should apprise themselves of legalities, and if possible seek to protect themselves during purchase negotiations.
 
Legal claims in art transactions frequently arise from concerns around authenticity, which is notoriously difficult to establish conclusively. Even in the more established art markets, which have an industry around determining authenticity, reputed galleries often