USA – FLORIDA Law and Practice Contributed by: Diego R. Figueroa Rodríguez, DLA Piper
tion, please refer to 1.1 Relevant Authorities and Leg- islation .) 6.5 Role and Responsibilities of an Art Adviser Art advisors play an important role in guiding collec - tors in sourcing, acquiring and managing art. While there are no specific roles and responsibilities, their primary objective is to ensure that collectors make informed decisions. Key responsibilities include bal - ancing aesthetics, setting cultural and financial goals, navigating the intricate art market, conducting thor - ough due diligence and authentication and conduct - ing market analysis. These duties and potential liabili - ties are typically outlined in the contractual agreement with the client. The Association of Professional Art Advisors (APAA) is a non-profit international organisation dedicated to promoting standards of connoisseurship, scholar - ship and ethical practice in the art advisory profession. APAA also aims to raise public awareness about the role and responsibilities of art advisors. It serves as a valuable resource, especially for understanding issues related to duty of care and conflicts of interest. 6.6 Anti-Money Laundering Regulations and the Art Market “Money laundering,” as defined by the Florida Mon - ey Laundering Act (Florida Statutes 896.101-108), involves conducting financial transactions, such as purchases and sales, or transporting funds with the intent to facilitate another unlawful activity. This stat - ute applies to individuals, businesses and organisa - tions that use financial transactions to conceal the proceeds of illegal activities. Violations of this Act can lead to imprisonment, substantial fines and civil pen - alties. While the burden of proof regarding the seller’s knowl - edge of the intended use of a financial transaction lies with the prosecuting authority, sellers should exercise due diligence to avoid prohibited conduct and com - ply with relevant regulations. In specific situations, sellers are required to file both federal and state cur - rency transaction reports when receiving more than USD10,000 in cash or its foreign equivalent in a single sale.
For additional analysis of anti-money laundering laws and regulations at the federal level, refer to the USA Practice Guide.
7. Collections 7.1 Legal Status of Collections
The US is a signatory to the 1954 Hague Convention for the Protection of Cultural Property in the Event of Armed Conflict, which safeguards collections deemed significant to a group’s cultural heritage (refer to the USA Practice Guide for details). In Florida, beyond the historical resource laws discussed in 5. Cultural Her- itage , there are specific legal frameworks for entities holding collections, such as museum loans. The Florida Arts and Culture Act (FACA) (Florida Stat - ute 267.0723) establishes procedures for managing unclaimed property on loan to museums, promotes due diligence by both parties, specifies how lenders can maintain their interests in long-term or indefinite loans and effectively resolves ownership of unclaimed loans. • FACA requires museums (public institutions and private non-profits) entering into loan agreements to keep thorough and up-to-date written records about each loan and quickly notify lenders if any damage or loss occurs. Museums are generally protected from liability for mishandling ownership claims, unless there is bad faith or gross negli - gence. When ownership is disputed, museums cannot be held liable for refusing to return property unless they comply with a court order. • Museums may end loans for unclaimed property by notifying lenders to remove or arrange pres - ervation. If there is no response within the speci - fied time, the museum can claim ownership and establish a lien to cover reasonable care expenses. “Unclaimed property” means items left without contact for at least 25 years from the start of an indefinite loan or five years after a definite loan expires. • Museums may also take conservation actions or dispose of loaned property without lender approval if quick action is needed to protect property or safety and the lender is unreachable or if the lender
239 CHAMBERS.COM
Powered by FlippingBook