ABSTRACT
As of the end of 2006, there should no longer be any doubt that potential buyers entering the art market do so at their own risk and, to avoid acquiring stolen or illegally imported art or cultural property, and to clothe themselves in such protections as the law affords to good faith purchasers, must exercise the diligence appropriate to each transaction. This past year saw numerous market participants-dealers, museum associations, and the Getty Museumannouncing new policies bearing on the quality and quantity of diligence to be applied in market transactions. These developments are a continuation-if a sharp escalation in one year-of a trend that has been building slowly for more than two decades.
