Seeking An Equitable Standard for Transactions in the International Antiquities Trade: A Critique of the 1995 UNIDROIT Convention on Stolen or Illegally Exported Cultural Objects
Vol. 27
June 2021
Page 1
Due to the large-scale nature of antiquities looting and the illicit trade of cultural objects, the property rights of good faith purchasers and original owners are often contentious and difficult to establish. In most instances, resolving the conflicting ownership claims leaves at least one innocent party losing out in the end. In 1995, the UNIDROIT Convention on Stolen or Illegally Exported Cultural Objects attempted to resolve this by allowing qualified good faith purchasers to receive compensation for returning cultural objects. However, the Convention does not follow through with this provision and instead provides an opt out measure, making it ineffective in practice. Overall, the UNIDROIT Convention’s fundamental flaws are that it fails to balance the rights and responsibilities of these two innocent parties in the best way to maximize efficiency and it fails to treat the good faith purchaser as an innocent party. To maximize each party’s efficiency and properly incentivize them, the original owner should be held to the same due diligence standard that the good faith purchaser is held to. Furthermore, the good faith purchaser should be treated as an innocent party and compensated fairly, rather than treating them as a thief and demanding restitution.
View Full Article
Due to the large-scale nature of antiquities looting and the illicit trade of cultural objects, the property rights of good faith purchasers and original owners are often contentious and difficult to establish. In most instances, resolving the conflicting ownership claims leaves at least one innocent party losing out in the end. In 1995, the UNIDROIT Convention on Stolen or Illegally Exported Cultural Objects attempted to resolve this by allowing qualified good faith purchasers to receive compensation for returning cultural objects. However, the Convention does not follow through with this provision and instead provides an opt out measure, making it ineffective in practice. Overall, the UNIDROIT Convention’s fundamental flaws are that it fails to balance the rights and responsibilities of these two innocent parties in the best way to maximize efficiency and it fails to treat the good faith purchaser as an innocent party. To maximize each party’s efficiency and properly incentivize them, the original owner should be held to the same due diligence standard that the good faith purchaser is held to. Furthermore, the good faith purchaser should be treated as an innocent party and compensated fairly, rather than treating them as a thief and demanding restitution.