A Methodology for the
Assessment of Legal Risks of Art Collections
School of Economics, Business Administration and Legal Studies, MA in Art, Law and Economy
The purpose of this dissertation is to develop a methodology which will enable one to assess legal risks of an art collection. This objective is achieved by combining standards and knowledge from three different disciplines: the museum collections management field, the risk management field and art law. Specifically, the project’s objective is achieved within the following context:
• SPECTRUM 4.0 - the UK Museum Collections Management Standard which is one of the leading standards for collection management and represents a common under-standing of good practice for collections management in museums. It will give de-tailed information on an art object’s lifecycle within a collection.
• ISO31000 International Standard for Risk Management which establishes a number of principles that need to be satisfied to make risk management effective and pro-vides for a general framework and processes for risk management.
• Art law. By using art law bibliography, case law as well as empirical knowledge of the field, legal risks are identified.
The outcome of this project is a business toolkit comprising of a risk library and proposed risk assessment methodology that can be utilized by a professional to facilitate the assessment of legal risks in an art collection.