| Monday, August 31st, 2015

Money transfer guide for buying art from overseas

Purchasing a piece of art can be something that people do as a hobby, or as a means of investment. When thinking about how much to spend on either starting, or adding to your Art collection, the more money spent on a piece, the more luxurious it will be deemed to be. With the nature of the Art world, some of the great pieces you are hoping to buy may be from auctions overseas and require you to send money overseas. There is obviously a lot to think about before deciding on where exactly, and in which artist, to invest your money. We can help guide you with some advice on making overseas Art purchases that you may want to keep in mind.

Check the legal implications

Once you have decided that you want to buy a piece of Art from overseas, the best thing to do is research the legal implications of moving art back home. Although perhaps a little bit of an extreme case, it is worth bearing in mind the Elgin Marbles. After all, there would be nothing worse than believing you have a new piece to add to your collection only to find out you cannot legally own it back at home. Making sure that something doesn’t fall within ‘Cultural Property’ of a specific country is perhaps the most important thing to confirm before looking to make a purchase.

While doing your research on a specific piece, enquire if a certificate of authentication will be available and, if it has moved between countries before, if a copy of an export licence exists. The more documentation you can gain about the history of the particular piece you want to buy, the better.

Ensure you are buying from a reliable source

It’s imperative that you are purchasing from a reliable art dealer or auction house, especially if you are making the purchase remotely following an online auction - Christie’s and Sotheby’s auction houses are perhaps the best known and offer assistance when it comes to purchasing one of their articles. If you are planning on spending a significant amount of money on a piece, it is worth thinking about consulting a lawyer just in case something goes wrong along the way.

Bear in mind that there will be extra costs

When it comes to bidding on a piece of art, if the reasoning behind the purchase is for an investment, then bear in mind the exchange rate - there is no point in keeping your limit low if you end up spending more on this, therefore it’s important to really consider how important the piece is to you.

It’s also important to remember that purchasing from abroad will have tax implications as well as various costs for the movement of goods. Knowing what these will be before you make a bid will be helpful to gage just how much the investment will cost in total. The whole process of researching and deciding on buying art is thoroughly enjoyable and one which is likely to culturally and historically enrich your knowledge due to the diverse range of art that there is available. If you are planning to purchase art from overseas, be sure to consider using a money transfer provider as offered on FXcompared to help you find the cheapest and best method to conclude your purchase.

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