On Sunday, I had the honor of speaking at the Philadelphia Museum of Art on a panel of art experts. We discussed collecting strategies with museum members. The takeaway: do your due diligence. Whether you are purchasing antiquities or fine art, it is essential to research art prior to purchase. In all cases, due diligence helps to ensure that art purchases will retain their value and provides collectors with confidence in their acquisitions.

In the case that a collector buys a stolen work, it may later be seized, leaving the purchaser with limited remedies, if any. It is important for collectors to research legal title and any defects on an object.

Forged objects generally don’t have much value. Whereas an authentic Monet may be worth tens of millions of dollars, a forged work in the style of Monet may only be worth a couple thousand dollars, if that. Due to the discrepancy in prices, collectors (at a particular price point) are advised to conduct due diligence to ensure the authenticity of a potential purchase.

In terms of antiquities, works without a clear provenance (history of ownership) and provenience (find spot) information may be illegal to privately own, deeming the object vulnerable to seizure by national and foreign governments. (In addition, purchasing looted works may be creating greater demand for plundered antiquities, leading to further illicit excavations). Purchase must ensure that they aren’t buying objects from the black market by working with legal experts.

Even when buying works by living artists, due diligence is necessary. It is important for collectors to work with reputable dealers and representatives to ensure that they have all necessary paperwork concerning an object’s authenticity and attribution.

In addition to the ownership practicalities, it is important to become more educated about the art market. Collectors should work with experts and investing time to build valuable relationships in order to navigate the market to build a collection that has the potential to last for generations.