Resolution of disputes relating to art between Italy, France and the Principality of Monaco » PACA’s economic and political newsletter
Arbitration is an alternative dispute resolution instrument that allows one or more levels of dispute resolution to be assigned.
This type of procedure has advantages including the speed of the decision, confidentiality, as well as the possibility of having the dispute settled by professionals designated by the parties and having specific expertise on the subject of the dispute. In the context of national and international law relating to the art market, legal proceedings cannot be considered an appropriate and effective approach to resolving any disputes that may arise.
Indeed, this is an area in which the cost and duration of litigation are of particular importance, as well as the need for confidentiality.
The absence of these in the halls of justice represents a serious problem for market investors to the point that, with a certain frequency, they avoid protecting themselves so as not to risk the dissemination of the dispute.
In this regard, the regulations established by the Chamber of Arbitration of Venice have taken on particular importance, aiming to create a specific procedure to settle this type of dispute, thus allowing a specialized body in the resolution of conflicts.
To sum up, it is possible to submit to the Venice Chamber of Arbitration any dispute typical of the art market, but also those relating to other artistic and creative sectors, respecting at the same time the requirements of confidentiality, speed and cost control.
Among the peculiarities of the Rules, it is worth noting the possibility for the arbitrator to appoint official technical consultants if the contribution of specific extrajudicial skills is necessary, as in the case of the verification of the authenticity of a work of s.
In the latter case, given the particular sensitivity of the issue, it is also possible to appoint a scientific committee which will in turn propose the appointment of the technical consultant. In order to initiate the course of arbitration, it is necessary to include in the contracts an arbitration clause for the solution of future and possible disputes, while in the case of a dispute that has already arisen, the parties could enter into a compromise arbitration, i.e. decide by mutual agreement to establish arbitration.
Finally, the most important advantage for those who find themselves trading in the field of works of art between Italy, France and the Principality of Monaco, is undoubtedly that of operating in States adhering to the Convention of New York of 1958 which makes it possible to execute the award directly on the territory thus making the decision of the arbitrators truly effective.
This has considerable advantages, especially when considering that the award of an Italian court cannot be made automatically in the Principality of Monaco, as provided for in EU Regulation 1215/2012, since the Principality of Monaco is a non-member country of the EU.
In conclusion, we can consider that the evolution of international disputes relating to art at the Venice Chamber of Arbitration is certainly the most satisfactory solution for those who operate and trade in this field.