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Cultural Patrimony

Valuations and Regulations

FEB, 2012 By ArtVest Partners LLC As interest in LatAm increases and its art becomes a more meaningful component of global collections, there areArt important considerations buyers and sellers need to take into account. These issues are particularly critical for collectors who want to trade in LatAm art internationally. Artwork classified as cultural patrimony – meaning it has ongoing historical, traditional or cultural importance – is often prohibited from being permanently exported from its country of origin. These works can be offered for sale by international auction houses but can only be sold to buyers who agree to keep them in their respective countries. In the May 2011 Latin American Art evening sale at Sotheby’s New York, a painting by Diego Rivera entitled Peregrina Tlaxcalteca was offered with this type of purchase stipulation.  A....

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