Abstract
The article touches upon basic issues for the legal regulation of visual art market in Ukraine. Nowadays works of visual art are regarded not only as objects for aesthetic enjoyment but also as commercial assets. Current trading relationships are being influenced by global geographical changes of business, digital transformation and IT development.Attention is drawn to the fact that trading relations in art works should be based on such fundamental principles as equality of parties, autonomy of will, and reasonable transparency of commercial operations. It should also be defined the basic elements of trade dealings in the visual art market. They are parties to the relationships, subject matters, and certain content of rights and duties depending on type and nature of legal privity.The comprehensive analysis of legal capacity and competence has been undertaken in the research. Therefore, market participant should have legal ability to acquire and perform personal rights and obligations connected with art trading. They should be able to behold responsible for their unlawful actions as well. The creator of visual art work should also have creative capacity to be regarded as author and proper party to the transaction.Besides, it is pointed out the main features of visual art works in case they are subject matter to trading activity. Currently, more and more contemporary art works are appearing on the market, for example, installations and computer generated art works. But commercialturnover accepts artistic results, which are unique, creative and aesthetic enjoyable.So, no art work should be considered as a subject matter to marketplace that does not contain intellectual and creative components. It should not be easily-reproducible too.Also worth noting is that certain content of legal relations in the visual art market consists of two-dimensional authorities. Permitting competence is intended to determine the limit and procedure of voluntary conduct. Obligatory warranties establish some restrictionsand prohibitions. They are meant to attach the liability for non-performance or improper performance of duties.The article is concluded by saying that theoretical framework of visual art market is an important base for providing the suitable level of legal regulation of art trading relations.
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