This article was written by James Ratcliffe, now of The Art Loss Register, formerly of BDB.
Most of those who acquire works of art are happy to enjoy them for their aesthetic value. However, beyond that visual appeal there can lie hidden histories that may add interest and value, or cause all kinds of trouble.
As a result the owners of many collections, whether held in trust or in private hands, are starting to take increasingly seriously the question of researching the provenance, or ownership history, of the artworks they already hold, just as much as their acquisitions.
On the plus side, researching the provenance of artworks can provide support for authenticity, or valuable links to historic figures. On the other hand, at the Art Loss Register we work with trusts and private or corporate collections to review provenance in order to identify whether there are any issues that need to be addressed.
Using our database and other resources, our research into the past of a picture can identify that it was once stolen or even that it was looted by the Nazis or part of a forced sale during the period 1933-45. Both can cause significant problems for an owner. There is the obvious risk that a claim will be revealed that forces them to give up the picture, or prevents a future sale; but for those with significant collections, and the wealth to support them, it is often the reputational risk that they face in holding or selling such art that is of more concern. Who wants to be named as holding a stolen picture, even if they have acquired legal title to it, let alone Nazi looted art?
Such research into existing collections often takes place on inheritance, as sadly that is the moment when the driving force behind the collection is no longer with us and the artworks themselves often begin to be assessed as much for their financial value as anything else.
For trustees in particular, another area of risk that increasing numbers are looking to minimise is in protecting artworks that are held in trust yet in the hands of a beneficiary. It is not unheard of for such beneficiaries to fail to realise that the pictures on their walls are not theirs to do what they will with, or worse. We are registering trusts' interests in such pictures on our database so that if they appear on the market the trustees are able to intervene and prevent a sale.
Looking away from the picture and towards its history can sometimes be far more revealing than you might think.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
