Due Diligence and the Art Market. Assessing the Impact of the 1995 UNIDROIT Convention on Stolen or Illegally Exported Cultural Objects

Abstract

The International Institute for the Unification of Private Law (UNIDROIT) has established a framework for the preservation, restitution, and return of cultural objects by means of drafting the 1995 Convention on Stolen or Illegally Exported Cultural Objects. The Convention reflects the necessity of common grounds for understanding the term of a bona fide purchaser, which is protected in many countries. The assessment of exercising due diligence on the art market plays a key role in determining the nature of an acquisition, therefore the measures undertaken should stem from a shared “toolbox”, i.e. the Convention. However, since art markets vary from country to country, the practicality of implementing the abovementioned solutions needs to be assessed. The following study provides an overview of potential obstacles and possibilities when a common notion of due diligence on the art market is considered in multiple locations.