The global art market reached $64 billion in 2013, representing an all time high. Nearly half of the transactions were conducted through London and New York, with Sotheby’s and Christies dealing with roughly one-third of all transactions worldwide. This is the very definition of a niche market and it is dominated by ultra high net worth individuals (UHNWIs).

Whilst art is an interesting – and rewarding – asset class, there are some tricky legal and taxation issues to consider when purchasing art, which this article will seek to explore.

Don’t mention the war!