Good Faith Purchase of Movables in the Art Market. Comparative Observations

This paper sketches a survey of similarities and differences existing on the issue of the good faith purchase of movables from a non-owner in a variety of representative legal systems in Europe and beyond. Special attention is paid to the fate of stolen goods and to the impact of current private law regimes on the global dimension of the art market. Then, the most relevant specific international law instrument dealing with this topic – the 1995 UNIDROIT Convention – is briefly analyzed in order to point out how it interrelates with domestic private law regimes and what practical effects it is producing in the art market. The paper shows that the difficulties of coordination between the diverse private law regimes, together with the limits of this international law instrument, leave a series of problems open, which ultimately hinder an effective fight against illicit trafficking in cultural property. The paper then compares the rules of the UNIDROIT Convention with those of the Draft Common Frame of Reference (DCFR), an academic draft of a Civil Code for Europe which also offers a model for European harmonization on “good faith acquisition of cultural goods”. Possible solutions to the open issues are presented and evaluated in the conclusions.